Bitcoin options open interest on Deribit has reached a record high of $50.27 billion as of October 23, 2025, with 453,820 active BTC contracts. This surge indicates increased market participation and hedging activity, particularly through put options at the $100,000 strike, as traders brace for potential downside risks. Deribit CEO Luuk Strijers highlighted the significant concentration of put options, suggesting a bearish market sentiment. However, there is also notable call activity at higher strike prices, indicating some traders are optimistic about potential upside volatility.