-640x358.jpg&w=1200&q=75)
Bitcoin is trading near $90,000 as heavy options activity and concentrated open interest are shaping price action more than spot demand, according to derivatives exchange Deribit.
The exchange said Bitcoin’s rangebound behaviour is easier to understand through market positioning, with a large share of exposure structured via options rather than leveraged futures.
“Traders are involved, but they’re using hedges and structured trades, not just directional leverage,”
Deribit said, pointing to concentrated open interest ahead of the Jan. 30 options expiry.
Bitcoin has remained locked between roughly $85,000 and $95,000 since mid-November, with hedging flows dampening momentum on both rallies and pullbacks.
Deribit said high options volumes, particularly in near-term puts, suggest capital is present but risk is being managed tightly, making prices more sensitive to positioning mechanics than headlines.
Total Bitcoin options open interest has risen steadily this month to about $38.7 billion, highlighting continued engagement in derivatives markets despite muted spot movement.
Around $8.4 billion in Bitcoin options are set to expire at month-end, with max pain near $90,000 and open interest most heavily clustered around the $100,000 strike.
At the time of reporting, Bitcoin price was $88,149.12.