IV ATMAnnualized; does not indicate price direction
Open put-to-call options ratioAll active expirations
Open options by strike priceOptions size in BTC
Horizontal axis: strike price in USD · vertical axis: open options size in BTC
Call — right to buy Put — right to sell
Upcoming options expirationsUTC · Deribit
Call — right to buy BTC · Put — right to sell BTC
Volatility is annualized. It is not a forecast of the price move before expiration or its direction. More call options do not prove that bullish expectations dominate.
What does this data mean?
A call buyer has the right to buy BTC, while a put buyer has the right to sell at the strike price. Options can be bought, sold and combined into strategies. The chart shows the nine strike prices with the largest combined open options size across all active expirations.
The pricing difference between sides is put implied volatility minus call implied volatility at a comparable delta of approximately 25 (skew). Percentage points do not represent a forecast price decline. Expiration amounts show the BTC equivalent of open options; they do not mean that this amount of BTC will be bought or sold.
03 / BTC TECHNICAL INDICATORS
TradingView technical rating
Binance BTC/USDT
A summary of oscillators and moving averages. Hourly candles by default; change the interval below.
How should you read this rating?
“Buy” and “Sell” are names of TradingView indicator ratings. The numbers show how many indicators give each rating — not the number of buyers or sellers.
The rating depends on the selected interval and may differ from the price direction since 00:00 UTC. It does not include our open-interest or options data.
Data and refresh: TradingView. This module does not change the daily direction assessment at the top of the page.
04 / BTC PERPETUAL CONTRACTS
Open interest across exchanges
Open contract value and settlement rates between longs and shorts. The total covers only selected BTC contracts on the exchanges shown.
Exchange / instrument
Open contract value in USD
Equivalent value in BTC
Long / short rate¹ normalized to 8h
Snapshot UTC
Total value of the contracts shown
Average long / short rate · 8h¹
Exchanges includedSelected BTC contracts only
¹ Rates are normalized to 8 hours for comparison. They are neither a sum of fees nor a guarantee of a future rate. Positive: longs pay shorts. Negative: shorts pay longs.
What do open interest and rates mean?
Open interest (OI) is the value of contracts that remain open, counted once. It is not the amount of money deposited or the number of bitcoins held. A change in OI alone does not indicate price direction.
The long / short rate (funding) is a settlement between market participants. The average is weighted by open contract value: larger markets have a greater influence. The comparison includes selected BTC/USDT and BTC/USDC contracts, excluding inverse contracts and contracts with an expiration date. USDT and USDC are approximated as USD.
Open-interest changes are calculated in BTC. Long / short proportions refer to accounts included in the indicator for the BTC contract, not the value of their positions or all exchange customers. Long means a position that benefits from a price rise; short — from a decline.
05 / NETWORK ACTIVITY
Bitcoin network activity
Daily data
Transactions recorded on the network that day
Addresses active that day
One address does not equal one person. Network activity provides context, not a standalone signal of price direction.
Coin Metrics Community · CC BY-NC · non-commercial use
06 / BROADER MARKET CONTEXT
Cryptocurrency market heatmap
CoinGecko · TOP 100
The 100 largest cryptocurrencies by market capitalization. Tile size represents market capitalization; color represents the price change over the last 24 hours.
Source: CoinGecko. The heatmap fetches data independently of Bitcoin Pulse's hourly snapshots. A 24h change is not a change since 00:00 UTC.
