Bitcoin options open interest reached $49B in Dec 2025 as cash-and-carry waned

Aggregate Bitcoin options open interest rose to $49 billion in December 2025 from $39 billion in December 2024. As the BTC 2‑month futures premium fell below 10% by February 2025 and struggled to stay above 5% by November, funds pivoted from basis trades to covered calls, sparking debate over whether option income strategies are capping upside.