Bitcoin options open interest rose to $74.1 billion, surpassing futures open interest for the first time.

According to a report by CryptoSlate on January 19th, data shows that the total open interest in Bitcoin options rose to approximately $74.1 billion in mid-January, surpassing the total open interest in Bitcoin futures (approximately $65.22 billion) for the first time. Analysts point out that when open interest in options exceeds that of futures, it typically indicates that the market is shifting from purely directional leverage to more structured risk exposures, such as hedging, yield strategies, and volatility positions. Furthermore, data from Checkonchain shows that open interest in options dropped sharply at the end of December last year, followed by a rebuild in early January. This aligns with the pattern of market risk rebuilding after major expiration dates, while the change in open interest in futures during the same period was more stable.