SKN | Crypto Options Activity Is Keeping Bitcoin Pinned Near $90,000, Deribit Says

Key Points

• Bitcoin’s prolonged consolidation near $90,000 is being driven more by derivatives positioning than spot market weakness.
• High options open interest around near-term expiries is concentrating price action and dampening volatility.
• Traders remain active, but risk is being tightly managed through options rather than leveraged futures.

Options Positioning Explains Bitcoin’s Range

Bitcoin’s inability to break decisively above or below the $90,000 level becomes clearer when viewed through the lens of derivatives positioning rather than headline-driven price action, according to crypto derivatives exchange Deribit.

The exchange said bitcoin appears effectively “stuck” due to concentrated options open interest around current strike prices ahead of the large Jan. 30 expiry. A significant portion of market exposure is now structured through options strategies instead of outright leveraged futures, reshaping how price reacts to flows.

Since mid-November, bitcoin has traded within a relatively tight channel, repeatedly finding support near $85,000 and resistance around $95,000. Despite multiple attempts, neither side has managed to force a sustained breakout.

Capital Is Present, but Risk Is Controlled

Deribit emphasized that high options volumes, particularly in short-dated expiries, signal that capital has not left the market. Instead, participants are actively managing downside and upside risk.

The heavy use of puts indicates traders are hedging rather than expressing aggressive directional views. In this environment, rallies often meet supply from traders reducing risk, while dips attract buyers adjusting hedges. As a result, momentum struggles to build, and price becomes more sensitive to hedging flows than to macro headlines or news events.

This dynamic helps explain why bitcoin continues to oscillate rather than trend, even during periods of heightened attention around macro policy, geopolitics or equities.

A Large Expiry Looms

Bitcoin options open interest currently stands near $38.7 billion in notional terms and has been rising steadily this month, underscoring sustained engagement in derivatives markets.

A major catalyst lies ahead with roughly $8.4 billion in bitcoin options set to expire at month-end. The current put-to-call ratio of 0.54 suggests significantly more bullish contracts than bearish ones, while the so-called max pain level sits near $90,000. Open interest is also heavily concentrated around the $100,000 strike, reinforcing the gravitational pull around current prices.

What to Watch Going Forward

As long as options positioning remains dense around key strikes, bitcoin may continue to trade sideways despite strong underlying participation. A decisive move is more likely once large expiries clear and positioning resets, or if a surge in liquidity overwhelms hedging-related flows.

Until then, the derivatives market itself may remain the strongest force shaping bitcoin’s price, keeping it anchored near $90,000 even as broader narratives evolve.