After a 160% increase over the past 3 months, the open interest on Bitcoin (BTC) options reached a new record-high at $12 billion. While this number might seem unusually high, it makes sense that the figure would increase as Bitcoin’s market capitalization surpassed $1 trillion.
Although Friday's $3.2 billion expiry could negatively impact the market, these options are split among calls (neutral-to-bullish) and the more bearish put options.