12 October 2026
Bitcoin Options Market Sees $4.5 Billion in Calls as Traders Bet on $95K Strike
The Bitcoin options market is currently reflecting a strong bullish sentiment, with traders amassing a staggering $4.5 billion in call options. A significant portion of this activity is focused on the $95,000 strike price set to expire on October 30, 2026.
As of October 10, 2026, call options account for 60.24% of the total outstanding options interest, according to data from Coinglass. This bullish positioning is underscored by a notable 25,030.6 BTC in open interest at Deribit for the $95,000 calls, translating to approximately $2.07 billion in notional value at current market prices.
However, the options market presents a complex picture. Max pain estimates indicate a potential pullback to around $78,000, suggesting that while traders are betting on higher prices, the theoretical settlement levels are considerably lower than the strike prices attracting the most interest.
In addition to the $95,000 calls, there are also substantial positions at $90,000 and $100,000 strikes, collectively representing around $4.53 billion. Despite this bullish exposure, the max pain calculations from various exchanges, including Deribit and Binance, suggest that the market could settle at much lower prices.
Meanwhile, the futures market remains robust, with open interest at $51.7 billion, although it has seen a slight decline of 1.59% over the past 24 hours. This indicates that while options traders are optimistic, the futures market is exhibiting signs of cooling activity.
As the October expiration approaches, the dynamics between bullish call positions and max pain estimates create an intriguing scenario for traders. The market is poised for significant movements, but the outcome remains uncertain as traders navigate this complex landscape.
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