Bitcoin Options Open Interest Fell 4% in September Despite Rising Trading
Key Facts
Reliable public figures confirming the value of Bitcoin options open interest or its change on November 4, 2026, were unavailable, so the figure attributed to that date cannot be verified. The latest Coinbase data, in its report dated October 2, show that open interest in crypto options fell 4% in September compared with August. The decline came as options trading volume rose to its highest level since November 2025. This puts September trading activity at a high level, alongside a contraction in outstanding positions. The available data do not support a specific call-option share, strike price or daily Deribit volume on November 4.
Coinbase said the market traded movement more actively than it built positions, without adding leverage at the pace recorded in August. It wrote in its report: "Trading activity outpaced position building, suggesting the market traded movement more actively without adding leverage at the pace recorded in August." The comparison shows that higher trading volume does not necessarily mean a corresponding increase in open interest. In September, options open interest fell 4% from the previous month, despite trading volume reaching its highest level since November 2025. Open interest in perpetual and dated futures also rose in September, but at a slower pace than in August. Coinbase said the increases were 4% for perpetual futures and 12% for dated futures, compared with 15% and 18%, respectively, in August.
In the volatility market, the DVOL index, which measures 30-day implied volatility for Bitcoin options, rose to 42 points on October 29, from 37 points the previous day. Coinbase Institutional said the reading had thus returned to the index’s 2026 average. The move reflects an increase in the index’s estimate of expected volatility over the following month, after it rose five points between the two days. The new reading came days before the November 4 date covered by the story. It provides nearby context for the options market, without confirming open-interest figures or the distribution of trading between calls and puts on that day.
In its October 30 commentary, Coinbase Institutional identified the $73–75,000 area as Bitcoin’s near-term support level. It said reclaiming the $80–82,000 range was necessary to overcome recent selling pressure, adding: "We believe the next important support lies near $73–75,000." It continued: "Bitcoin will need to reclaim the $80–82,000 range." These levels link the institution’s technical assessment to price performance at the end of October, not to contract distribution or strike prices on November 4. The Associated Press reported on October 30 that Bitcoin had fallen below $77,000 after topping $86,000 earlier in the month. The agency said the drop came amid selling pressure on crypto stocks following a Binance breach.
One nearby economic release traders may watch is the U.S. Employment Situation report for October. The U.S. Bureau of Labor Statistics scheduled the report’s release for November 6, 2026, at 08:30 a.m. Eastern Time. It is due two days after the date of the news report. The available information did not estimate the report’s effect on Bitcoin or its options, or link it to any specific price level. The release date remains the specific forward-looking context in the available data.