Bitcoin holds a tight 24-hour fluctuate between $108,221 and $109,453 on Sunday, Aug. 31, 2025, while derivatives positioning stays elevated across futures and alternate choices markets.
Derivatives Depth Continues to Swell
Futures remain thick. Aggregate bitcoin futures open interest on main venues hovers in the mid-$80 billion situation, in step with coinglass.com, shut to the upper cease of the past Three hundred and sixty five days’s band. CME Group stays the largest venue by notional size with 141.78K BTC in open interest, or about $15.36 billion.
The digital asset replace Binance follows with 131.14K BTC ($14.21 billion). Bybit reveals 91.28K BTC ($9.89 billion), Gate reveals 77.07K BTC ($8.35 billion), Bitget reveals 56.77K BTC ($6.14 billion), and OKX reveals 38.23K BTC ($4.14 billion).
Rounding out the tip 10 are MEXC with 34.30K BTC ($3.71 billion), WhiteBIT with 21.56K BTC ($2.34 billion), Kucoin with 7.63K BTC ($825.37 million), and BingX with 6.20K BTC ($672.01 million).
Mark-aligned futures job tracks the regular space tape. Substitute-huge open interest presses to yearly highs since July, at the same time as space stays boxed internal a slim band this weekend, signaling that well-known capital stays committed to directional and foundation trades into September.
$50 Billion in Bitcoin Solutions Initiate Ardour
Solutions positioning stays mammoth as properly. Total bitcoin alternate choices open interest sits north of $50 billion, shut to file territory, while day after day alternate choices turnover continues to print in the multi-billion-dollar fluctuate. On Deribit — the dominant alternate choices venue — open interest skews toward calls, with calls at 223,887 BTC (59.80%) versus places at 150,495.83 BTC (40.20%). Over the final 24 hours, calls narrative for 60.68% of volume (6,197.04 BTC) in opposition to 39.32% for places (4,015.26 BTC).
Strike concentration reveals a clear combine of topside publicity and downside security. Amongst the largest open-interest lines are the BTC-26SEP25-$95,000 put and a cluster of elevated-strike calls around $140,000 to $200,000 into September and December bitcoin expiries. That distribution indicates traders are hedging in opposition to drawdowns while keeping upside optionality into Three hundred and sixty five days-cease.
Max-wretchedness phases — the attach apart possibility customers collectively in actuality feel the least rewarded at expiration — cluster shut to $110,000 for the shut to-timeframe month-to-month cycle. The curve then lifts toward roughly $116,000 into leisurely October, dips toward the $100,000 situation for leisurely December, and rises all over again into mid-2026 expiries.
Taken together, the derivatives stack reveals heavy participation on each and every aspects of the tape while space stays peaceful. With futures open interest concentrated at CME and Binance and alternate choices tilted somewhat to calls, positioning stays constructed for circulate at the same time as impress action idles internal a $1,200 Sunday corridor.
