The Bitcoin derivatives market was electrified on April 22, 2025, by a stunning $2.2 billion surge in BTC options open interest. Options open interest climbed to $30.7 billion—its highest since March—from an already substantial $28.5 billion the day before. Such a ramping-up of trader engagement and speculative interest in this vehicle is surely positive in principle, if only for the fact that it pushes price discovery frontiers further into the future. Price-wise, this was happening in clear concert with a Bitcoin spot price that recovered nicely above the $90,000 level. Futures open interest was also seen to be on the
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