Bitcoin is trading at $67,802 as of 10am EST on March 7, 2026, amid a mix of cautious positioning and long-term optimism in the derivatives market. Futures open interest remains high and options traders continue to focus their bets around key expirations, suggesting the next decisive move could be in the upcoming settlement window.
Derivatives data shows traders are betting on Bitcoin’s rise despite short-term hedges
According to statistics from Coinglass.com, the total open interest in Bitcoin futures across global derivatives exchanges is $655,470. $BTCworth approximately $44.45 billion. The activity is spread across major exchanges, with Binance leading the way with 118,020. $BTC ($8 billion), followed by CME with 103,410 $BTC ($7.01 billion). Open interest on Binance fell 1.08% in 24 hours, while CME fell 5.09%, suggesting that the position of institutional investors has cooled slightly during the recent price correction.
Beyond the top two venues, liquidity remains widely dispersed. Gate capacity 72,210 $BTC Open interest is worth $4.9 billion, Bybit holds $58,580 $BTC ($3.97 billion), OKX maintained $43,350 $BTC ($2.94 billion). Bybit has increased its open interest by 4.63% in the past 24 hours. This suggests that Bybit traders are still adding exposure while other exchanges are reducing their positions.
Bitcoin futures open interest on March 7, 2026. Image source: Coinglass.com
Taken together, the futures data shows a situation where the market is still actively engaged, but not actively accumulating new leverage. Several exchanges showed a small hourly decline in open interest, with the overall 24-hour change across all exchanges being -2.68%, indicating that traders may be pausing while waiting for clearer directional signals.
However, the options market shows a strong bias towards upward positions. The total open interest in options revealed calls accounting for 57.58% of the position (equivalent to 305,677.96). $BTCcompared to 225,181.28 $BTC Input (42.42%). Simply put, traders are bullish, but not reckless.
Short-term optional activities tell a slightly different story. Over the past 24 hours, volume was slightly higher than calls, accounting for 51.90% of the trading volume, while calls accounted for 48.10%. This imbalance suggests that some traders are hedging against recent price movements, even though they still prefer higher prices for long-term bets.
Bitcoin options open interest for March 7, 2026. Image source: Coinglass.com
According to CME’s option positioning, most open interest is concentrated in maturities 1-3 months out, with the largest stacks in the 1-2 month and 2-3 month windows. This distribution indicates that traders are focusing on price action near spring rather than distant expirations, which tends to happen when the market is expecting volatility over the medium term.
A closer look at the Deribit options board will show you where traders are placing their biggest bets. The most crowded bet is the March 27, 2026 call for $125,000 and hold 10,347.9. $BTC Open interest is followed by another popular call at $75,000 at $9,251.9. $BTC. On the other hand, traders also have insurance in place. The large protection bet includes a $60,000 put at 8,884.6. $BTCwhereas a $20,000 put at $8,568.5 has an even deeper safety net. $BTCindicating that some investors are still hedging against a dramatic decline.
These positions demonstrate a common pattern in the Bitcoin options market. Traders protect themselves if the price falls, while still leaving room to profit if Bitcoin rises significantly. Some notable upside bets include a $90,000 call ($5,715.3) expiring on March 27, 2026; $BTC Open interest: $120,000 long-term call expiring on December 25, 2026, holding amount: 5,626.6 $BTC. In other words, many traders are still holding firm on their ambitious price targets.
Maximum pain data (the price level at which the maximum number of options becomes worthless) adds another layer of interest. For Deribit, the prevailing maximum pain level near the March 27 expiration is near $75,000, with the largest notional option bar of any upcoming expiration. This concentration suggests that the market may gravitate toward that level as the deadline approaches.
Other venues have a slightly different gravitational pull. The maximum pain curve for Binance options is hovering around the low $70,000s in the short term, but longer-term projections are for it to spike dramatically towards around $120,000 near the September 2026 window. For OKX, maximum pain measurements over multiple expiration dates are centered around $78,000 to $79,000.
So derivatives traders appear to be on course with a combination of prudent short-term hedging and bets on sustained upside. Futures leverage remains high but stable, option calls outnumber puts, and a cluster of expirations around the mid-$70,000 range suggests where traders expect the next tug-of-war to play out.
If the Bitcoin derivatives market were a poker table, the chips are still stacked high, but many players are pocketing a little insurance stake.
Frequently asked questions 🔎
- What is the current total Bitcoin futures open interest?Total open interest in global Bitcoin futures is approximately 655,470 $BTCworth nearly $44.45 billion.
- Are Bitcoin options traders bulls or bears?Calls account for approximately 57.6% of the open interest, indicating an overall bullish trend among traders.
- Where are Bitcoin option expirations most concentrated?The major open interest cluster is around the March 27, 2026 expiration, specifically around the $75,000 level.
- What is the current maximum pain level for Bitcoin options?The maximum level of pain is around $75,000 for Deribit and around $78,000 for Binance and OKX.
