More Than $10 Billion in Bitcoin Options Expire Friday, Highlighting Crucial $95K–$105K Price Zone
Bitcoin options contracts valued at over $10 billion are set to expire on Friday at 08:00 UTC on Deribit, drawing attention to the critical $95,000 to $105,000 price range as traders brace for potential volatility and market direction signals.
Currently, 93,131 monthly Bitcoin options contracts—representing more than $10 billion in notional value—are due for settlement. Of these, 53% are call options, reflecting bullish bets, while the remainder are put options, which provide downside protection. Each contract corresponds to one bitcoin on the Deribit platform.
The bulk of open interest clusters around the $95,000, $100,000, and $105,000 strike prices, creating significant “delta” exposure that ties traders’ positions closely to Bitcoin’s price movements.
As expiration approaches, “gamma” — the measure of how an option’s delta changes with underlying price — is expected to spike, potentially intensifying price swings. This scenario often leads investors and market makers to adjust their hedges aggressively, amplifying volatility.
Decentralized trading platform Volmex noted on X:
“Deribit’s May 30 Bitcoin options expiry shows $2.8 billion in delta exposure, primarily at strikes of $95K, $100K, and $105K, setting the stage for strong gamma-driven flows into the end of the month.”
They warned:
“Any sudden move could trigger aggressive dealer hedging in this fragile gamma environment. Volatility is likely.”
At press time, Bitcoin was trading around $107,700, down from last week’s record highs above $111,000, according to CoinDesk data.
Despite these dynamics, Deribit’s DVOL index—which tracks 30-day implied volatility—has been trending lower, suggesting the market remains relatively calm ahead of expiration. Meanwhile, Volmex’s one-day annualized implied volatility index ticked slightly higher to 45.4%, implying a possible 2.37% price move within the next 24 hours.
