Bitcoin derivatives markets showed defensive positioning at 10 a.m. EST on June 28, 2026, as bitcoin traded at $60,041 per coin and total futures open interest fell to $42.6 billion across exchanges. The decline from a cycle peak near $95 billion in late 2025 mirrored bitcoin's price retreat from its all-time high above $126,000 last October. CME put open interest outweighed calls at multi-month lows, signaling institutional hedgers maintained defensive positions. Max pain levels converged near $60,000 across Deribit, Binance, and OKX, the price point where the largest number of options contracts expire worthless.
Bitcoin Futures Open Interest Falls to $42.6 Billion Across Exchanges
Binance led all exchanges with 138.09K BTC in futures open interest worth $8.30 billion, holding an 18.67% market share. CME ranked second with 105.27K BTC at $6.33 billion, reflecting institutional presence in regulated futures. MEXC held third position by BTC volume at 81.26K BTC worth $4.89 billion.
Open interest changes across the 24-hour window were broadly negative. Binance dropped 1.29%, Bybit fell 1.31%, and Bitget slid 1.50%. BingX posted the sharpest decline at negative 38.18% over 24 hours. Kucoin posted a 7.99% increase in open interest over 24 hours.
Coinglass data showed the open interest-to-24h-volume ratio across exchanges sat near typical ranges, with Hyperliquid posting the highest ratio at 1.9865.
Deribit Options Show 60% Call Bias Despite Near-Term Put Volume
Total BTC options open interest on Deribit showed 241,010 BTC in calls (60.41%) versus 157,934 BTC in puts (39.59%). Over the past 24 hours, trading volume between calls and puts was nearly even, with puts edging ahead at 50.87% versus 49.13% for calls.
The most actively traded contracts on Deribit were bets that bitcoin would fall below $57,000 and $57,500 by the June 28 close. The biggest single positions in the options market were bets that bitcoin reaches $80,000 by July 31 and again by December 25, holding 7,001 BTC and 6,605 BTC respectively.
CME Bitcoin Options Open Interest Drops to Yearly Low
CME bitcoin options open interest declined sharply since the November 2025 peak. Cryptoquant data showed total CME options open interest dropped to its lowest levels of the past year, with puts consistently outpacing calls in notional USD value since late 2025. Call open interest at CME was minimal compared to the put stack.
Max Pain Levels Converge Near $60,000 Across Deribit, Binance, and OKX
Deribit's max pain line for the June 25, 2027 quarterly expiry sat near $60,000, with notional value on that contract just over $2 billion. The September 2026 expiry carried the highest notional value at $7.53 billion, with a max pain level approaching $74,000 on the Deribit curve.
Binance max pain for the June 28 expiry stood at approximately $40,000, with the July 31, 2026 contract showing a max pain near $65,000 and roughly $400 million in notional value. OKX max pain for near-term contracts clustered between $50,000 and $60,000, with the March 2027 expiry showing the highest max pain near $75,000 and $747 million in notional value.
FAQ
What was bitcoin's price at 10 a.m. EST on June 28, 2026?
Bitcoin traded at $60,041 per coin at 10 a.m. EST on June 28, 2026. This price aligned with max pain levels near $60,000 across Deribit, Binance, and OKX, the price point where the largest number of options contracts expire worthless.
How much did bitcoin futures open interest fall across exchanges?
Total bitcoin futures open interest across exchanges stood at approximately $42.6 billion in USD terms, down from a cycle peak near $95 billion in late 2025. Binance led with $8.30 billion in open interest, followed by CME with $6.33 billion.
What is the notional value of Deribit's September 2026 bitcoin options expiry?
Deribit holds $7.53 billion in notional value for the September 2026 expiry, with a max pain level approaching $74,000. This represents the highest notional value expiry on the Deribit options board.
