The most popular bitcoin call option has slipped by $10,000
CoinDesk 2026-07-16 11:27:53
Context: The bitcoin options market has undergone a significant shift, with the most popular call option slipping by $10,000 to $70,000, indicating a potential change in the cryptocurrency's price range. This shift is tied to open interest in options, a metric that gauges the dollar value locked in call and put contracts at various strike levels. The change may slow bitcoin's ascent above $70,000.
Key Facts
- The $70,000 call option is currently the most popular, with open interest of $1.63 billion, according to data source Metrics, representing a bet that bitcoin's price will rise above that level before the contract expires.
- For the past six months, the $80,000 call option had been the most popular, carrying similar levels of open interest, while the $60,000 put option was the most sought-after downside bet.
- The $70,000 strike has replaced the $80,000 call as the most popular play, implying that the ceiling for bitcoin's price has likely shifted lower to $70,000.
- Dealers hold a "net long gamma exposure" above $70,000, meaning they would short or sell into strength above $70,000 to stay neutral or hedged, which could act as a brake on bitcoin's price increase.
- Bitcoin was recently trading at $64,100, down nearly 1% since midnight UTC, with other major cryptocurrencies, including ether, XRP, and solana, nursing similar losses.