With bitcoin (BTC) trading in a relatively narrow range of $80,000 to $95,000 since November, options have emerged as the largest segment of the derivatives complex in a sign of the maturing market for the largest cryptocurrency. According to Checkonchain data, aggregate bitcoin options open interest stands at $65 billion while open interest in futures, another type of derivative, is at $60 billion in notional value. Options open interest has exceeded futures open interest since July 2025. Options are f ...