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Bitcoin Options Shift to $70,000 as the New Top Strike

The $70,000 call has overtaken the $80,000 strike in open interest, while the $60,000 put remains an important hedge. That points to more cautious bullish positioning around BTC.

By Mike Hesp
• 2 min read
Bitcoin Options Shift to $70,000 as the New Top Strike

Key Takeaways

  • The most popular Bitcoin call has shifted from $80,000 to $70,000, with $1.63 billion in open interest.
  • Bitcoin is trading around $64,100; the $60,000 put remains the main downside hedge in the options market.
  • Dealers have a net long gamma exposure above $70,000, which could slow further price gains.

Bitcoin’s options market is sending a pretty clear signal: traders have moved the most popular call strike down from $80,000 (€70,100) to $70,000 (€61,400), even as spot BTC trades near $64,100 (€56,200). In other words, bullish bets are still there, but they’re being placed a little closer to the current price instead of at a much higher target.

New Focus Around $70,000 (€61,400)

Data from Metrics shows the $70,000 (€61,400) call now has the largest open interest at $1.63 billion (€1.4 billion). A call gives traders a bullish position on Bitcoin, since it pays off if the asset rises before expiration. Not long ago, the $80,000 (€70,100) call held the top spot, while the $60,000 (€52,600) put has remained the main downside hedge for months.

That shift makes the current trading range easier to read. Analysts used to frame the market around a band between $60,000 (€52,600) and $80,000 (€70,100), but the upper end now looks like it has drifted lower. The $80,000 (€70,100) call still ranks second by open interest, with the $72,000 (€63,100) call coming next.

Dealers Could Slow the Upside Momentum

Imran Lakha, founder of Options Insights, says dealers are net long gamma above $70,000 (€61,400). In plain terms, that often forces them to sell into strength or take the other side of the move to stay hedged. If Bitcoin pushes toward that level, that setup could make it harder for the price to keep climbing quickly.

Lakha also notes that Ethereum is less exposed to this kind of dealer behavior, which could give it more room to move. For Bitcoin, though, the options market still leans more bullish than bearish overall, even with the $60,000 (€52,600) put continuing to serve as the key downside reference.

Why This Matters for European Traders

For European crypto readers, the takeaway is that options often reveal how professional traders are positioning around risk. The move toward $70,000 (€61,400) suggests the market is not expecting a fast sprint to much higher levels, while protection around $60,000 (€52,600) is still clearly in place.

That makes derivatives data a useful complement to the spot price. With Bitcoin trading around $64,100 (€56,200) and major coins like Ethereum, XRP, and Solana also under pressure, options positioning can help show how traders are thinking about BTC over the next few weeks.

This setup also lines up with the picture in Bitcoin Pulls Back After Weak ETF Flows and Lower Open Interest: the market still looks constructive, but not strong enough to support a clean breakout just yet.

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