Bitcoin derivatives traders loaded bullish call options on July 22, 2026, as futures open interest across tracked exchanges reached 755,780 BTC worth $49.82 billion at 11:45 a.m. EDT, according to Coinglass data. CME open interest climbed 1.80% over 24 hours to 105,750 BTC while retail-focused exchanges including MEXC, Gate, Bybit and OKX saw declines ranging from 6.32% to 12.73%, creating a divergence between institutional and retail positioning. On Deribit, the dominant options venue, calls outnumbered puts 65.88% to 34.12%, with the largest single position concentrated in the July 31 expiry $72,000 call holding 26,265.5 BTC of open interest, as Bitcoin traded at $65,971 per coin during the same timeframe.
Binance Leads $49.82 Billion Bitcoin Futures Open Interest Across Exchanges
Binance held the largest share of Bitcoin futures open interest at 140,250 BTC, or $9.24 billion, representing 18.55% of the market on July 22, 2026. CME ranked second in dollar terms at 105,750 BTC, or $6.97 billion, good for a 13.98% share. Total open interest slipped 4.26% over 24 hours even as it ticked up 0.11% in the most recent hour, Coinglass data shows.
MEXC saw open interest fall 9.66% in 24 hours to 91,350 BTC. Gate dropped 12.73% to 63,500 BTC. Bybit fell 6.71% and OKX slid 6.32%. Smaller venues including Bitunix, Bitget and BingX rounded out the rankings, with BingX gaining 4.75% on the day despite its smaller $896.59 million footprint.
Deribit Call Options Outnumber Puts 65.88% to 34.12%
On Deribit, open interest in calls stood at 336,331.81 BTC against 174,211.44 BTC in puts, a 65.88% to 34.12% split favoring bullish positioning. Daily volume showed calls outpacing puts 56.35% to 43.65%.
The largest single position on Deribit was the July 31 expiry $72,000 call, holding 26,265.5 BTC of open interest, followed by the $70,000 call for the same date at 25,328.2 BTC. Traders also loaded the December 25 expiry $80,000 call at 7,602.2 BTC.
Max Pain Levels Range From $66,000 to $72,000 Across OKX, Deribit and Binance
Max pain, the price point at which the most options contracts expire worthless, varies by exchange. On OKX, near-term max pain sits around $66,000, climbing toward $69,500 for contracts expiring in late September before easing back. Deribit shows max pain rising from roughly $65,000 to a peak near $69,500 by September and holding through December, then drifting toward $60,000 for contracts expiring in mid-2027.
Binance max pain jumps from about $66,000 currently to $72,000 by late September, the highest peak among the three exchanges, before falling to $61,500 by March 2026 as later-dated contracts thin out.
CME Bitcoin Options Open Interest Climbs to $50-60 Million
CME's bitcoin options open interest climbed from a low near $10 million in June to roughly $50 million to $60 million currently, according to CryptoQuant data. Puts have consistently outweighed calls in dollar terms across most of the past year, though the gap has narrowed as bitcoin's price recovered from its February lows near $60,000.
CME options open interest concentrated heavily in contracts expiring within one to three months through most of 2025, a pattern that has repeated into the current cycle as the July 2026 expiry approaches.
Bitfinex Analysts Report 30-Day Trading Volumes at 62% of Annual Average
Bitfinex analysts stated in a Tuesday research note shared with Bitcoin.com News that the recovery has been driven mostly by derivatives positioning and a lack of sellers rather than fresh capital entering the market. Thirty-day bitcoin trading volumes are running at just 62% of the annual average, the analysts said, while CME bitcoin futures open interest has dropped to its lowest level since 2023.
Selling pressure has also eased. Strategy has gone two straight weeks without buying or selling bitcoin, with holdings unchanged at 843,775 BTC, and long-term holder selling has largely faded. The analysts stated: "This is an absence of selling, not a resumption of buying." The put to call ratio has fallen to 0.56, a multi-month low.
Spot Ethereum ETFs drew $105.4 million last week compared with $75.7 million for spot bitcoin ETFs, though broader altcoin participation stayed muted, according to the Bitfinex analysis.
FAQ
What did Bitcoin futures open interest reach on July 22, 2026?
Bitcoin futures open interest across tracked exchanges reached 755,780 BTC worth $49.82 billion at 11:45 a.m. EDT on July 22, 2026, according to Coinglass data. Binance held the largest share at 140,250 BTC ($9.24 billion), while CME ranked second at 105,750 BTC ($6.97 billion).
Why do Deribit options show bullish positioning?
On Deribit, calls outnumbered puts 65.88% to 34.12% on July 22, 2026, with the largest single position concentrated in the July 31 expiry $72,000 call holding 26,265.5 BTC of open interest. Traders also loaded the December 25 expiry $80,000 call at 7,602.2 BTC, showing positioning extends beyond near-term contracts.
What are max pain levels across major Bitcoin options exchanges?
Max pain levels on July 22, 2026 varied by exchange: OKX showed near-term max pain around $66,000 climbing to $69,500 by late September; Deribit displayed a similar pattern rising from $65,000 to $69,500 by September; Binance projected the highest peak at $72,000 by late September before falling to $61,500 by March 2026.
