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

Although the figures favor calls, the difference between outstanding positions and daily trading activity suggests that bullish exposure is more pronounced in existing contracts than in the latest turnover. The concentration is especially striking at Deribit, where several enormous positions are clustered around higher strike prices.

Beyond the $95,000 contract, another 15,158 $BTC sits in $90,000 calls, while $100,000 calls account for 14,561.8 $BTC. Together, those three contracts represent approximately 54,750 $BTC in open interest, equivalent to roughly $4.53 billion at a bitcoin price of $82,800. That’s a tidy sum tied to higher strikes, although open interest alone cannot establish whether participants are outright bullish, writing calls or hedging existing positions.

Max Pain Calculations Tell Another Story

The exchange-by-exchange picture complicates the bullish narrative considerably. For Oct. 30, Deribit’s estimated max pain stands near $78,000, while Binance and OKX hover around $81,000 to $82,000. Those calculations sit below bitcoin’s current market price, suggesting that the theoretical settlement points are considerably less ambitious than the strike prices attracting the largest outstanding call positions.