Bitcoin futures open interest fell 1.88% to $52.04 billion as the leading crypto asset declined nearly 5% to $75,783 on Friday, Nov. 6, 2026. Coinglass data shows declining exposure across major derivatives exchanges, while options activity reveals a curious divergence: Calls dominate outstanding positions, but puts lead trading volume. Meanwhile, November and December expirations carry billions in contracts, leaving traders confronting competing expectations for bitcoins next move.
Key Takeaways
- Coinglass reports $52.04 billion in bitcoin futures open interest, down 1.88% over 24 hours.
- Deribits Nov. 27 $74,000 put led displayed options trading volume with 2,259 BTC.
- Cryptoquant metrics show CME bitcoin options open interest below its February and March 2026 peaks.
Over the last day, bitcoins price range fell nearly 5% to $75,783 at 9 a.m. Eastern time on Friday, Nov. 6, 2026, as Coinglass data showed bitcoin futures open interest declining 1.88% to $52.04 billion over 24 hours. Meanwhile, options traders concentrated activity around November and December expirations.
Bitcoin Futures Open Interest Drops as Traders Reduce Exposure
The latest decline follows bitcoins climb to $81,105 on Bitstamp earlier in the week before the cryptocurrency retreated to $75,088, representing a roughly 7.4% drop from that local high. The sell-off has jolted derivatives markets, with traders reducing exposure across several major exchanges.
Bitcoin 1-hour timeframe via Bitstamp on Friday, Nov. 6, 2026. Source image: Bitcoinwisdom.io.
According to Coinglass, the cryptocurrency analytics platform, aggregate bitcoin futures open interest stood at 686,570 BTC, valued at approximately $52.04 billion. Open interest declined 0.50% over one hour, 0.75% over four hours, and 1.88% across 24 hours.
The centralized crypto exchange Binance commanded the largest share at $10.58 billion, representing 20.33% of the total. CME followed with $7.13 billion, while Bybit accounted for $6.11 billion. CME recorded a 4.46% daily contraction, nearly matching Binances 4.45% reduction.
Bitget‘s open interest declined 4.96%, although Gate bucked the trend with a 5.21% increase. Falling open interest suggests positions are being closed, but declines in dollar-denominated exposure also reflect bitcoin’s lower valuation. Consequently, these figures alone cannot establish the extent of leverage unwinding.
Bitcoin Options Show Calls Leading Open Interest While Puts Dominate Volume
The options market presents a more complicated picture. Coinglass statistics indicate that calls represent 56.27% of outstanding bitcoin options positions, totaling 229,582.24 BTC, compared with 178,421.77 BTC in puts. However, trading volume tells a different story. Over 24 hours, put volume reached 55,139.05 BTC, accounting for 52.05% of activity, while calls represented 50,795.52 BTC.
This divergence indicates that existing options positions remain weighted toward calls even as recent transactions favor puts. Nevertheless, elevated put activity does not necessarily indicate outright bearish speculation, since traders can purchase protection, sell puts or close existing contracts.
Deribit, the largest crypto options exchange by volume, shows its largest listed position in the Dec. 25 $80,000 call, carrying 8,143.1 BTC in open interest. The $100,000 call follows with 6,737.2 BTC, while the $60,000 put accounts for 6,629.4 BTC.
The figures logged ahead of the weekend reveal substantial positioning on both sides of the market, with traders maintaining exposure to higher valuations while preserving positions tied to considerably lower prices.
November Bitcoin Options Expiration Draws Attention to $74,000 Puts
Deribit‘s Nov. 27 contracts dominate the 24-hour options volume rankings. The $74,000 put leads with 2,259 BTC traded, followed by the $69,000 put at 1,736.8 BTC and the $75,000 put at 1,634.7 BTC. These contracts cluster around or below bitcoin’s prevailing market price on Friday, placing downside strikes at the center of recent trading activity.
| Bitcoin Options Statistics | Calls | Puts |
|---|---|---|
| Open Interest | 229,582.24 BTC | 178,421.77 BTC |
| Open Interest Share | 56.27% | 43.73% |
| 24-Hour Trading Volume | 50,795.52 BTC | 55,139.05 BTC |
| 24-Hour Volume Share | 47.95% | 52.05% |
Source: Coinglass | Nov. 6, 2026
Meanwhile, Coinglass expiration statistics show Deribit‘s largest displayed notional concentration around Dec. 25, with its max-pain price near $76,000. Binance’s largest displayed concentration falls on Nov. 27, where max pain stands around $80,000.
Essentially, max pain represents the theoretical settlement price at which outstanding options generate the lowest aggregate payout to holders. Although frequently monitored by derivatives traders, the calculation does not guarantee that bitcoin will gravitate toward those levels.
CME Bitcoin Options Open Interest Contracts From Earlier 2026 Peaks
Cryptoquants CME options data illustrates a substantial contraction from the elevated positioning recorded during February and March 2026. Recent activity remains concentrated in shorter-dated expirations, while the pronounced put-heavy spikes witnessed earlier in the year have largely dissipated.
The CME figures contrast with the broader crypto derivatives market, where bitcoin futures open interest still exceeds $52 billion despite the latest contraction. Coinglasss historical metrics also show aggregate futures exposure considerably below the elevated levels recorded during previous market peaks, indicating that traders have already reduced substantial portions of their earlier exposure.
The distinction between futures and options is particularly important. Futures open interest measures outstanding contracts that create direct price exposure, while options allow traders to express directional expectations or hedge against adverse movements. While holding above $75,000, bitcoins price remains close to the heavily traded $73,000 and $74,000 November put strikes, while December contracts continue to carry substantial upside exposure.
Falling futures open interest points to a reduction in outstanding exposure, but options positioning reveals a divided market: Calls dominate existing contracts while puts command the greater share of recent trading activity.
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About the author
WRITTEN BYJamie RedmanNews Lead
Jamie Redman is the News Lead at Bitcoin.com News and a financial technology journalist based in Massachusetts.