According to the source, BTC options open interest reportedly reached a record $63B with call positioning clustered at $120K+ strikes, suggesting concentrated top-side exposure into upcoming expiries (source: the source). Elevated OI around round-number strikes can magnify dealer hedging flows and increase squeeze risk if spot advances toward those levels, a dynamic documented in Bitcoin options markets (source: Deribit Insights). Traders should track strike OI distribution, net gamma, and expiry calendars on Deribit and CME to anticipate potential pinning or breakouts near $120K, aligning entries with liquidity pockets (source: Deribit; source: CME Group). Validate the $63B figure and strike skew via real-time dashboards before taking risk, cross-referencing Deribit order books and third-party analytics such as Laevitas to confirm positioning (source: Deribit; source: Laevitas). Risk management: adjust sizing for higher vega exposure, monitor 25-delta call-put skew and term structure for confirmation of bullish sentiment, and prepare for post-expiry volatility normalization (source: Deribit Insights).

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.