Bitcoin options open interest reaches $74.1B, topping futures at $65.2B for the first time
On January 20, 2026, onchain data showed Bitcoin options open interest reaching a record $74.1 billion, exceeding futures open interest of $65.2 billion for the first time. Most options exposure is concentrated on IBIT and Deribit, while BTC trades around $93,189 amid a 15% hashrate drop from October's peak and ongoing miner capitulation. U.S. spot Bitcoin ETFs also saw over $390 million in outflows on January 18, coinciding with broader risk-off sentiment.