BTC: Options Pulse
The Bitcoin options market at a glance, from the venues’ own public data: how much is open and traded, how puts compare with calls, where the open interest sits by expiry and strike, what implied volatility and skew say about expected moves, and where max pain lies.
Options Pulse
Open interest is the value of contracts still open; volume what traded. The put/call ratios show whether traders are buying protection or upside, and the 25-delta skew whether puts or calls are priced richer.
Implied volatility is the move the market prices over each horizon: a rising front month with a flat back of the curve often comes before or during sharp moves.
Data comes from the options venues’ public market data, collected by us; history starts when our collection of each series does, stated in each panel’s info.
BTC: Options Open Interest
USD value of open BTC option contracts. Shows the size of the options market. Read the level and trend.
BTC: Options Volume 24h
Trailing 24-hour USD notional of BTC options traded. A smooth daily measure of options activity. Read the level and trend.
BTC: Options Open Interest Put/Call Ratio
Open interest in puts divided by open interest in calls. Shows the balance between hedging and upside positioning. Above 1 means more put than call open interest.
BTC: Options Volume Put/Call Ratio
Traded put notional divided by traded call notional. Shows whether flow is leaning to protection or upside. Above 1 means more puts traded.
BTC: Options Open Interest by Maturity
USD value of open BTC options by time to expiry, stacked. Shows whether positioning is short-dated or long-dated. Growing near-dated bands mean more short-term speculation or hedging.
BTC: Options Open Interest by Strike Price
USD value of open BTC options in $5,000 strike bands over time. Shows which price levels carry the most option positioning. Bright or tall bands mark strikes where open interest clusters; they can act as magnets into expiry.
BTC: Options Max Pain (Time Series)
The settlement price that would minimize the total payout of the nearest expiry's open options. Some traders watch it as a pin level into expiry. Compare with the current price.
BTC: Options Max Pain
Max pain of the nearest expiry, the nearest month-end expiry and the nearest quarter-end expiry. Shows the pin levels of the expiries that carry the most open interest. Compare each line with the price as its expiry approaches.
BTC: ATM Implied Volatility (1 Month)
Implied volatility of at-the-money BTC options at a constant 1 month maturity. Shows how much movement the options market prices in. Higher values mean more expected volatility.
BTC: Options Volatility Term Structure
At-the-money implied volatility at seven constant maturities from one week to nine months. The term structure shows how the market prices near-term against long-term uncertainty. Normally longer maturities carry higher volatility; when short maturities rise above them, the market expects near-term turbulence.
BTC: 25 Delta Skew (1 Week)
Normalized difference between 25-delta put and call implied volatility at a 1 week maturity. Shows whether downside protection or upside exposure is in more demand. Positive means puts are priced richer than calls.
BTC: 25 Delta Skew (1 Month)
Normalized difference between 25-delta put and call implied volatility at a 1 month maturity. Shows whether downside protection or upside exposure is in more demand. Positive means puts are priced richer than calls.
BTC: Daily Realized Volatility — 30 days
How much BTC's daily USD returns varied over the last 30 days, expressed as an annualized percentage. Compare the size of recent price fluctuations. Higher values mean more variable returns; they do not predict whether price will rise or fall. Each point uses 30 consecutive closed daily returns. Annualization puts the result on a yearly scale; it is not a forecast or a measured annual return. The BTC price line has its own USD axis. Missing daily quotes leave gaps, and source revisions can change past values.