According to glassnode, Bitcoin ($BTC) options open interest has doubled since the previous cycle, reaching an all-time high of $43 billion in 2024. This surge is fueled by increased participation from institutional investors, who are favoring CME's options products for longer-dated strategies and structured positioning (source: glassnode, June 5, 2025). This shift indicates deepening market maturity and liquidity, which can lead to higher volatility and more nuanced price discovery in the crypto markets. Traders should monitor CME-driven flows as they are likely to influence both spot and derivatives price action.