Crypto Traders De-Leverage as Bitcoin Derivatives Markets Reset

As of 9:55 AM ET on February 1, 2026, Bitcoin is trading at 78,199, while derivatives traders are notably reducing their leverage. Aggregate futures open interest has decreased by 6.83 over the last 24 hours, now standing at 677,730 BTC approximately 52.98 billion . This shift indicates that market participants are prioritizing risk control over aggressive profit-seeking following January s volatility.
Dominance in the futures market remains split between offshore and institutional platforms. Binance leads with 129,580 BTC 10.13 billion in open contracts, closely followed by CME with 120,910 BTC 9.45 billion . Short-term flows show traders retreating across major exchanges, including Bybit and Gate, suggesting a collective de-leveraging trend rather than a specific directional bet.
Options market data from Coinglass reveals a more nuanced sentiment, with calls making up 55.99 of open interest compared to 44.01 for puts. However, 24-hour trading volumes show puts slightly leading at 51 , reflecting immediate caution and a demand for downside protection. Investors are paying for hedges near current price levels despite maintaining long-term upside expectations.
Strike price concentrations provide a roadmap for potential volatility, with major call clusters at 100,000 and 105,000 on Deribit. Conversely, active put positioning is noted at 75,000 and 85,000. Regarding market pressure points, the max pain level sits near 90,000 on Deribit and in the mid- 80,000s on OKX, suggesting option sellers benefit if prices stay below recent highs.
Institutional activity on CME options shows growing exposure in the mid-term, with six-month contracts dominating. While calls outweigh puts over longer timeframes, the recent uptick in hedging confirms that traders are bracing for a range-bound environment. Currently, the derivatives market exhibits neither euphoria nor extreme fear, as participants wait for spot price stability.