Anchorage Digital Research Director: The Bitcoin options market shows a new bullish mechanism entering

The open interest in Bitcoin futures has risen above $50 billion for the first time this year. David Lawant, the research director at Anchorage Digital, stated that this is not a warning signal of excessive leverage, but rather a reflection of market vitality. He pointed out that the increase in spot trading volume and the thinning of the order book indicate an early stage of recovery in the Bitcoin market.

In his analysis, Lawant introduced the liquidity absorption ratio and explained how to identify shifts in the mechanisms of the Bitcoin market. He mentioned the Bitcoin options market, which is approximately $60 billion in size, and the volatility curve, explaining why short-term Bitcoin volatility remains elevated through 2026, as well as what information options data can provide that prices themselves cannot reflect.

He also shared Anchorage's experience with backtesting 37,000 covered call options and discussed how ETFs and treasury companies are changing the price discovery process for Bitcoin.