![Bitcoin options open interest soars to unprecedented $18 billion](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2023/11/bitcoin-oi.jpg&w=70&h=37&q=75)
Quick Take
The Bitcoin options market is witnessing a surge not seen before, indicative of growing investor confidence and potential market trends. The Options Open Interest, which signifies the total funds allocated in options contracts, marked a record high on Nov. 10 with a notional value of $18.05 billion, equivalent to 491,000 BTC. The lion’s share of this momentum can be attributed to Deribit, contributing approximately $14.5 billion, according to Coinglass.
![Options Open Interest: (Source: Coinglass)](https://cryptoslate.com/wp-content/uploads/2023/11/OI2.png)
Further, the options volume on Deribit, defined as the total volume transacted in options contracts within the last 24 hours, peaked at $2.62 billion, making it the second-highest recorded volume this year, according to Coinglass.
![Options Volume: (Source: Coinglass)](https://cryptoslate.com/wp-content/uploads/2023/11/OV2.png)
Notably, the total open interest of both call and put options by strike price for a specific contract scheduled for Nov. 24th highlights a ‘call wall’ at $40,000. This represents 5,528 Bitcoin in terms of call options, carrying a notional value of $203 million, according to Deribit. However, the landscape evolves as we approach the year’s end.
![Options by strike price, Nov. 24: (Source: Deribit)](https://cryptoslate.com/wp-content/uploads/2023/11/strike.png)
By Dec. 29th, the call options remain primarily at $40,000, but the notional value escalates to a staggering $400 million, doubling the previous figure.
![Options by strike price: (Source: Deribit)](https://cryptoslate.com/wp-content/uploads/2023/11/dec.png)