Bitcoin derivatives rebound strongly despite fears of correction

The derivative markets for Bitcoin are picking up strength, despite a context still marked by the recent correction. On Thursday, the outstanding futures contracts reached 61.9 billion dollars across all exchanges. This increase occurred while the price fluctuated around 81,500 dollars, a zone close to the key levels monitored by options traders.

Bitcoin regains strong interest in futures contracts

The bitcoin futures market shows a clear recovery in exposure. The total open interest reached 759,550 BTC, reflecting a considerable return of positions on the platforms. Binance held the largest share, with 144,730 BTC in open contracts, for a notional value of 11.79 billion dollars.

However, the CME stood out on another indicator. Its ratio between open interest and 24-hour volume reached 2.0071, the highest in the ranking. This level indicates a notable institutional presence, as positions remain high compared to daily activity. On the CME, bitcoin futures represented 119,240 BTC, or 9.72 billion dollars.

Meanwhile, the global open interest increased by 1.61% over 24 hours. The increase even reached 3.72% over four hours. Thus, the movement was not limited to one platform. BingX recorded the strongest daily growth, with 17.81%. Conversely, KuCoin declined by 17.25%, the sharpest drop among the main exchanges.

Options and max pain: key market levels

On the options side, Coinglass data show an imbalance favorable to buying positions. The global open interest on Bitcoin options was 272,501.92 BTC in calls, compared to 204,098.61 BTC in puts. The distribution was thus 57.18% vs. 42.82%.

This trend was even clearer in the 24-hour volume. Call options accounted for 70% of trading, versus 30% for put options. However, some protective positions remained crucial. On Deribit, the put option at 75,000 dollars dated May 29 was among the largest open interests.

The total open interest in bitcoin options was around 40 billion dollars. This level marks a clear recovery after the 14.68 billion floor observed in mid-2024. However, it remains lower than the levels reached when the price approached 120,000 dollars.

Max pain levels concentrate from $78,000 to $81,000 on Deribit, OKX, and Binance. On OKX, the level close to 80,000 dollars dominated for May 15. It then dropped towards 75,000 dollars for May 29 before rising again for the June 26 expiry.

Institutional investors remain cautious

The CME’s behavior shows a notable difference compared to more retail-active platforms. During a substantial portion of the first quarter of 2026, put options dominated call options. This period corresponded to a bitcoin price between 65,000 and 85,000 dollars.

This structure suggests institutional players mainly use regulated options to hedge downside risk. Conversely, Deribit and OKX show more activity on call options, notably in volume. The market thus combines a rebound in risk appetite and a need for protection.

Moreover, the open interest of futures contracts remains far from the late 2025 peak. It had then approached 90 billion dollars, while Bitcoin traded near 120,000 dollars. After a low below 30 billion at the start of 2026, the return towards 62 billion indicates a gradual rebuilding of positions.

In the short term, BTC should remain influenced by option expiries, especially around 80,000 dollars. The Deribit expiry on June 26, with 14.52 billion dollars of notional value, could weigh on market balance in the coming months.