Bitcoin was trading around $66,810 on April 5, while derivatives data pointed to a more cautious market structure. Across futures and options, traders appear to be reducing exposure and leaning toward downside protection. Global bitcoin futures open interest has fallen to roughly $46.94 billion, well below the elevated levels seen during the late-2025 rally, while options flow suggests short-term hedging is becoming more aggressive.
Futures open interest softens across major venues
According to Coinglass data, aggregate bitcoin futures open interest stands at about 703,140 BTC. Binance remains the largest venue with roughly $8.09 billion in open interest, accounting for 17.23% of the global total, while CME follows with about $7.24 billion, or 15.42%. Over the past 24 hours, open interest declined on several leading exchanges including Binance, CME, OKX, and Bybit, signaling a broad moderation in leveraged positioning. Smaller gains on platforms such as MEXC, Hyperliquid, and BingX were not enough to change the overall picture.
Put trading leads on Deribit despite call-heavy open interest
In options, Deribit continues to dominate the bitcoin market. Its total open interest still favors calls, with 56.75% in call open interest versus 43.25% in puts. However, actual trading activity over the last 24 hours tells a different story. Put options represented 54.87% of traded volume, compared with 45.13% for calls, showing that traders are actively buying downside protection rather than chasing upside exposure.
The most actively traded single contract was the $62,000 put expiring on April 24, a sign that market participants are paying for protection in case bitcoin falls below that level before expiry. Other closely watched near-term strikes include the $72,000 call and the $75,000 call, leaving spot price positioned between major downside and upside interest concentrations.
Max pain levels remain above spot heading into expiry
Another notable feature of the market is that max pain levels across major venues are still above current spot. Deribit shows max pain near $70,000 for the April 24 expiry, while Binance is near $71,500 and OKX near $71,000. With bitcoin at $66,810, that leaves a gap of roughly $3,000 to $4,000 below the nearest concentration zone.
In theory, max pain can act as a price magnet into settlement because option sellers benefit when contracts expire with minimal value. Still, that does not guarantee upward movement. Macro conditions, sentiment, and event-driven volatility can all override derivatives-based positioning.
For now, the message from the bitcoin derivatives complex is clear: leverage is cooling, hedging demand is rising, and the April 24 expiry is becoming the next major test for short-term direction. Until spot regains stronger momentum, options and futures positioning may remain the best guide to trader sentiment.