Bitcoin options markets are heading into a major expiry event, with around $6.25 billion worth of contracts set to settle on May 29 as traders position around key levels for Bitcoin.
Data from Deribit shows positioning is heavily clustered around two strikes: $75,000 on the put side and $80,000 on the call side. The $75,000 level carries the largest put exposure at roughly $394 million in notional value, while $80,000 dominates call positioning with about $532 million.
The max pain level—the price where the most options would expire worthless—is also located at $75,000. With Bitcoin trading near $77,250, just above that level, the setup suggests a slight downside bias into expiry as dealers hedge positions around key strikes.
Overall positioning includes 43,184 call contracts versus 37,351 puts, resulting in a put/call ratio of 0.86. This indicates a mildly bullish tilt in sentiment, though price remains close enough to max pain that downward pressure cannot be ruled out.
Despite this, trading activity shows growing interest in higher strikes. The $82,000 call for the May 29 expiry was the most actively traded contract on Thursday, with roughly 1,600 contracts changing hands, representing about $126 million in notional value. This points to ongoing speculation that Bitcoin could still push higher before settlement.
Total open interest for the expiry currently stands at around 80,535 contracts, split between calls and puts.
Meanwhile, broader derivatives activity continues to expand. Deribit has seen total open interest rise to about $31.3 billion, surpassing BlackRock’s iShares Bitcoin Trust ETF, which holds roughly $27 billion, according to Checkonchain. The shift highlights the growing influence of options markets in shaping short-term price dynamics for Bitcoin.
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