Market Pulse: Bitcoin Traders Stack $4.5 Billion in Calls as $95K Bets Take Shape

According to recent market coverage, bitcoin’s options market is sending a curious message.

With bitcoin trading above $82,000, calls account for 60.24% of outstanding options interest, while a massive 25,030.6 BTC position sits at Deribit’s $95,000 strike for Oct.

Meanwhile, futures open interest stands at $51.7 billion, and options max pain levels point toward considerably lower prices.

Traders are positioning for higher valuations, but the derivatives market tells a more complicated story.

Bitcoin traders have their sights on $95,000, but the options market has a rather different number in mind.

10, 2026, the derivatives giant Deribit‘s largest listed bitcoin options position contains 25,030.6 BTC in $95,000 calls expiring Oct.

30, representing roughly $2.07 billion in notional exposure at current prices.

Yet the same expiration carries a max pain estimate near $78,000, setting up an intriguing tug-of-war between bullish positioning and the valuation at which options holders collectively face the greatest theoretical losses.