Bitcoin's price surged to new highs above $111K, leading to a significant uptick in activity in Deribit's options market. The open interest (OI) in options contracts soared to a record $42.5 billion, reflecting strong market interest. This increase in OI is particularly noted at strike prices of $110K, $120K, and $300K for June 27 expiry, signaling bullish sentiment among traders. Deribit, which dominates nearly 80% of the global crypto options activity, shows that traders are favoring higher strike call options as they chase upside following Bitcoin’s recent price movements. As the market anticipates further buying activity, publicly traded crypto exchange Coinbase plans to acquire Deribit for $2.9 billion. The overall open interest across crypto options and perpetual futures has reached over $45 billion, indicating a robust engagement within the crypto derivatives space.

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