Key Takeaways:
Bitcoin futures open interest across all exchanges fell to $46.94B, with Binance and CME leading at $8.09B and $7.24B. Put volume on Deribit outpaced calls 54.87% to 45.13% in 24 hours, signaling short-term defensive trader positioning. Deribit max pain for the April 24 expiry sits near $70K, roughly $3,000 above BTC’s current $66,810 spot price. Bitcoin Futures Open Interest Falls to $46.94BThe put-versus-call breakdown on CME shows puts consistently dominating the stacked open interest by USD value since November 2025, a pattern that has held even as price partially recovered from its lows near $65,000. Max pain levels on Deribit show the April 24 expiry clustered near $70,000, with notional value for that date reaching approximately $6 billion.
Max Pain CurvesThe current pullback in both open interest and price is consistent with prior mid-cycle consolidation phases. Derivatives traders watching the April 24 expiry will find the $62,000 put and $72,000 call strikes carrying the most open interest weight at Deribit in the near term. The $75,000 call at the same expiry also sits in the top tier by open interest. With spot at $66,810, the market is positioned between those strikes, leaving outcomes reasonably open in either direction as expiry approaches.
