The open interest in Bitcoin options has increased to $74.1 billion, surpassing the open interest in futures for the first time

Data shows that the total open interest in Bitcoin options has increased to approximately $74.1 billion, surpassing the total open interest in Bitcoin futures of about $65.22 billion for the first time.

Analysis indicates that when the open interest in options exceeds that of futures, it typically suggests that the market is shifting from original directional leverage to more structured risk exposures, such as hedging, yield strategies, and volatility positions. Additionally, data from Checkonchain shows that the open interest in options experienced a sharp decline at the end of December last year, followed by a rebuild in early January, which aligns with the pattern of market risk rebuilding after major expiration dates. In contrast, the changes in open interest for futures during the same period were more stable.