Bitcoin options open interest falls to $37.9B as downside hedging dominates daily volume

Bitcoin options open interest fell 0.97% to $37.9 billion as of October 20, down from $38.27 billion in the prior session, according to Coinglass data. Daily options volume surged to $2.78 billion, with puts making up 57.36% of activity, led by Deribit's $80,000 put expiring October 30. Despite the shift toward short-term hedging, medium-term positioning remains bullish, with calls holding 59.81% of total open interest. This continues a trend seen October 18, when open interest stood at $37.86 billion and daily trading volume tilted slightly toward puts at 52.01%.