itcoin options trading has surged to an all-time high, exceeding $38 billion in monthly volume across major exchanges.

Deribit leads with $26.7 billion, and a significant $7.7 billion worth of options tied to Bitcoin are set to expire on Friday, marking a milestone for the platform.

Most outstanding contracts on Deribit are bullish calls, with a strike price of $45,000. However, some traders may face losses as bitcoin trades at $42,500.

Deribit’s Chief Commercial Officer, Luuk Strijers, notes a record $11 billion in combined bitcoin and ether options open interest ahead of the expiry, anticipating heightened hedging and trading activity.

Meanwhile, the Chicago Mercantile Exchange (CME)’s bitcoin options trading volume has reached $2.39 billion, indicating heightened involvement from sophisticated players.

Despite optimism, CryptoQuant suggests challenges for bullish bets, noting that sell volume outpaces buy volume in bitcoin futures markets.

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