Bitcoin options worth about $6.25 billion are set to expire on Deribit on May 29, with position data pointing to $75,000 and $80,000 as the key levels to watch. The $75,000 strike has the largest concentration at $394 million in face value, while the $80,000 strike dominates the call side with $532 million
The max-pain price, the level at which the largest number of contracts expire worthless, is at $75,000, just under 3% below where bitcoin is currently trading at $77,250. With 43,184 calls against 37,351 puts, the put/call ratio of 0.86 reflects a modestly bullish market, although bitcoin’s position above max pain means that downward gravitational pull remains a real consideration.
But the $82,000 strike is where most attention is currently focused at the time of writing. Volume data shows that the BTC 29MAY26 $82,000 call was the most actively traded instrument on Thursday, with approximately 1,600 contracts ($126 million) changing hands, suggesting traders are positioning for a higher breakout rather than a pullback.
The total open interest across expiration is 80,535 contracts divided between 43,184 calls and 37,351 puts.
Meanwhile, Deribit’s total open interest has now reached $31.3 billion, overtaking BlackRock’s IBIT at $27 billion, according to checkonchain.
