Bitcoin options markets are entering a high-stakes expiry phase, with roughly $6.25 billion in contracts set to roll off on May 29 as traders position around key strike levels that could shape near-term price action for Bitcoin.
Data from Deribit shows heavy concentration around two major levels: $75,000 on the put side and $80,000 on the call side. The $75,000 strike holds the largest put exposure at about $394 million in notional value, while $80,000 leads call positioning with roughly $532 million.
The so-called max pain level—where the largest number of options would expire worthless—is also centered at $75,000. That sits just below Bitcoin’s current trading price near $77,250, implying a mild downward gravitational pull into expiry as option writers hedge exposure.
Overall positioning shows 43,184 call contracts versus 37,351 puts, giving a put/call ratio of 0.86. This reflects a slightly bullish tilt, although the proximity of price to max pain keeps downside risk in play heading into settlement.
At the same time, attention is building around higher strike levels, particularly $82,000. The BTC 29MAY26 $82,000 call was the most actively traded contract on Thursday, with around 1,600 contracts changing hands—equivalent to roughly $126 million in notional value. The activity suggests some traders are still positioning for a breakout rather than a pullback.
Total open interest for the expiry stands at about 80,535 contracts, split between 43,184 calls and 37,351 puts.
Broader market data also highlights growing derivatives dominance. Deribit’s total open interest has climbed to roughly $31.3 billion, surpassing BlackRock’s iShares Bitcoin Trust ETF, which stands near $27 billion according to Checkonchain, underscoring how options markets are increasingly shaping Bitcoin price discovery into major expiries.
