Traders on the decentralized Derive platform are buying large volumes of Bitcoin call options, particularly with strike prices between $80,000 and $90,000, ahead of the US midterm elections in early November. Bets on Bitcoin exceeding $100,000 by Christmas are also rising, while activity in multi-leg options trades has surged. Derive, formerly known as Lyra, captures more than 90% of the notional volume and premiums in the onchain options market, with monthly volumes exceeding $3 billion in 2026. Its V3 upgrade, launched in early October, aims to accelerate transactions through an offchain order book settled on Ethereum and zero-knowledge proofs. The increase in activity benefits holders of the DRV token but also creates concentration risk, as Derive accounts for more than 90% of the market.
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