Option surge, leverage frenzy, is Bitcoin brewing a 'nuclear explosion-level' market?
The derivatives market is placing unprecedented confidence in Bitcoin.
Latest data shows that BTC options open interest has soared to a historical high—reaching $48.85 billion, not only breaking records but also completely surpassing any peak from the previous bull market. The '300,000 dollars' strike options expiring on June 27 have become the new focus of traders.
This is not retail frenzy, but a signal of the entire market's chips concentrating on high risk and attacking the future. Leading platform Deribit alone accounts for over 70% of the options positions, while others, including the Chicago Mercantile Exchange, OKX, and Binance, are also fully engaged, signaling a strong institutional presence.
Not only are options hot, but BTC futures open interest is also nearing $90 billion, and the leverage configuration of spot + derivatives is rising in sync, indicating that the willingness to go long is accelerating.
But be cautious:
✅ If market makers continue to be squeezed, it might trigger a 'gamma hedging effect', pushing Bitcoin prices to soar further;
⚠️ If the market suddenly changes and corrects, reverse liquidations could trigger a 'chain reaction', amplifying downward volatility.
This showdown on June 27 may become a watershed for Bitcoin's price explosion or collapse.
Derivatives are both accelerators and amplifiers. The stakes have been placed on the table, and how the market moves next is not just a technical issue, but the ultimate embodiment of confidence and capital games.
