<p>Bitcoin's price has been on a tear — and that's helped bring the options market for the digital asset to new heights, according to data compiled by The Block. </p> <p>The price of bitcoin has appreciated by about 15% over the last five days, sending the price of the cryptocurrency above $13,000 for the first time since 2019.</p> <p>At the same time, the aggregate open interest across bitcoin options has surged to all-time highs close to $2.5 billion. According to The Block data sources, the aggregate open interest — which represents the total number of positions outstanding — stands at $2.48 billion, with crypto exchange Deribit making up the lion's share of OI at $1.82 billion.</p> <p>Meanwhile, open interest in CME Group's bitcoin option topped $337 million. </p> <p><iframe frameborder="0" height="420" src="https://embed.theblockcrypto.com/data/crypto-markets/options/aggregated-open-interest-of-bitcoin-options/embed" title="Aggregated Open Interest of Bitcoin Options" width="100%"></iframe></p> <p>This development shouldn't come as a surprise to market observers given that open interest is a function of the price of bitcoin — meaning the value of each contract trading increases as the price increases. </p>