[Bit Options Trends] Open interest at $2.357 billion... put options significantly ahead

Bitcoin options expiring on Deribit on November 13 carried $2.357 billion in notional open interest across 33,467 contracts, with calls at 22,640 versus puts at 10,827 for a put/call ratio of 0.48 — a reading typically signaling bullish positioning. That headline skew favoring calls was contradicted by the past 24 hours of trading, when flow tilted toward puts, exposing a split between standing upside bets and fresher hedging demand. The divergence matters because Deribit is the largest crypto options venue, so its expiry positioning is a key gauge of how traders are set up around near-term price moves. With the bulk of open interest sitting in calls, the expiry could amplify moves if bitcoin trades near heavily concentrated strike levels. Traders will watch whether the recent put buying persists after the expiry rolls off and whether the put/call ratio stays below the 0.7–0.8 bullish threshold or climbs toward 1.0.