Bitcoin Derivatives Markets Show Signs of Volatility Ahead

On January 18, 2026, Bitcoin s price fluctuated between 94,869 and 95,115 per coin, while derivatives traders remained active. The futures and options markets exhibited heavy open interest and a focus on price levels just below 100,000.
The aggregate bitcoin futures open interest was approximately 646,850 BTC, valued at about 61.48 billion. Although there was a slight increase in total open interest over the past hour, the 24-hour reading decreased by nearly 2 , indicating selective trimming rather than a broad exit from leverage.
Among futures venues, Binance led with around 129,540 BTC in open interest, representing over 20 of the global total. CME followed closely with 122,640 BTC, highlighting its role as a preferred venue for institutional positioning. Other exchanges like OKX, Bybit, Gate, and MEXC also carried significant exposure despite mixed short-term changes in positioning.
In the options markets, total open interest approached 36.88 billion, with Deribit hosting the largest share of contracts. Calls dominated the options landscape, making up about 57 of total open interest, while puts accounted for approximately 43 . This skew suggests that traders remain bullish over the longer term, despite some near-term caution.
However, short-term volume showed a different trend, with put options slightly outpacing calls over the past 24 hours. This imbalance indicates tactical hedging as traders prepare for potential turbulence around upcoming expiries.
Max pain levels provide further insight, with the largest concentration of notional value on Deribit clustering near the 90,000 to 93,000 range for late January expirations. In contrast, Binance s options market showed max pain closer to 100,000, suggesting that traders there are positioning for broader price swings.
Overall, Bitcoin s derivatives markets reflect conviction without complacency. Futures traders remain engaged, options players are actively managing risk, and the price continues to hover around a zone where leverage, psychology, and patience intersect.