Bitcoin traders target $80K in derivatives

Bitcoin traded at $68,729 on February 15 as derivatives data showed $43.81 billion in futures open interest, signalling sustained engagement despite recent price volatility.

According to CoinGlass data, total futures open interest slipped 2.32% over 24 hours to 639,780 BTC, although a modest one-hour uptick suggested short-term repositioning rather than a broad unwind of leverage.

In options markets, 60.07% of daily volume favoured call contracts, with 276,172 BTC in open call interest compared with 215,135 BTC in puts, underscoring a bullish tilt among traders.

Chicago Mercantile Exchange led futures positioning with 118,450 BTC in open interest, followed by Binance and OKX, while Deribit dominated options trading.

The largest single options position was a $40,000 strike put expiring February 27, 2026, covering 7,409 BTC as crash protection, while significant upside exposure clustered around $90,000 and $120,000 strike calls later in 2026.

Max pain levels across major exchanges gravitated between $70,000 and $85,000 for upcoming expiries, suggesting incentives for price stabilisation slightly above current spot levels.

Overall, derivatives positioning indicates a market hedging against a drop toward $40,000 while maintaining exposure to a potential rally beyond $80,000 and even toward six-figure territory.

At the time of reporting, Bitcoin price was $68,534.56.