Bitcoin’s $95K to $105K Zone in Focus as Massive $10B Options Expiry Approaches

Bitcoin’s $95K-$105K Price Range Under Scrutiny as $10 Billion in Options Expire Friday on Deribit

Over $10 billion worth of Bitcoin options contracts are set to expire this Friday at 08:00 UTC on Deribit, placing significant focus on the $95,000 to $105,000 price range as a potential hotspot for market volatility and directional shifts.

At the moment, 93,131 monthly Bitcoin options contracts are due for settlement, representing a notional value exceeding $10 billion. Of these contracts, 53% are bullish calls, while the rest are protective puts. Each contract corresponds to one Bitcoin on Deribit.

Open interest is notably concentrated around the $95,000, $100,000, and $105,000 strike prices, indicating that traders with positions at these levels face considerable delta risk — exposure that ties the option’s price sensitivity to Bitcoin’s underlying price moves.

As expiration approaches, gamma — which measures how much an option’s delta changes with price — is expected to peak, potentially triggering increased price swings. This heightened gamma environment often forces investors and market makers to hedge aggressively, which can amplify volatility.

According to Volmex, a decentralized crypto trading platform:

“Deribit’s May 30 Bitcoin expiry holds $2.8 billion in delta exposure mainly at $95K, $100K, and $105K strikes, suggesting potential for strong gamma-driven market flows at month-end.”

They added:

“In this fragile gamma environment, any price movement may lead to aggressive dealer hedging. Prepare for volatility.”

At the time of reporting, Bitcoin was trading around $107,700 after recently hitting all-time highs above $111,000 last week, according to CoinDesk data.

Despite the expected volatility, Deribit’s DVOL index, which tracks 30-day implied volatility, has been declining, implying limited concern about sudden large moves around the expiry. Meanwhile, Volmex’s annualized one-day implied volatility index nudged up to 45.4%, forecasting a potential 2.37% price change in the next 24 hours.