The Bitcoin options market has seen increased activity as open interest reaches an all-time high of nearly $65 billion.

Deribit, the leader in crypto options, recorded a significant spike in volume, reaching billions of dollars per day.

Although overall open interest favors calls (57.96%) over puts (42.04%), in the last 24 hours, puts dominated trading volume.

Strike positions show large open interest at prices of $140,000, $150,000, and $200,000 for December 2025 expiration, while puts are concentrated at $85,000 and $80,000.

"Maximum pain" is between $108,000 and $114,000, which is the level at which most traders would experience maximum losses if Bitcoin prices remain stable.