Bitcoin Faces Key $95K-$105K Range as Over $10 Billion in Options Set to Expire on Friday
Bitcoin options contracts valued at more than $10 billion are scheduled to expire this Friday at 08:00 UTC on the Deribit exchange, placing the $95,000 to $105,000 price range under close scrutiny for potential market volatility and directional signals.
As of now, 93,131 monthly bitcoin options contracts — equivalent to over $10 billion in notional value — are due for settlement. Among these, 53% are call options, reflecting bullish bets, while the remaining 47% are puts, typically used as downside protection. On Deribit, each options contract corresponds to one bitcoin.
Significant open interest clusters around the $95,000, $100,000, and $105,000 strike prices, concentrating the market’s “delta” exposure. This concentration means that traders holding positions at these levels have substantial net directional risk, potentially influencing Bitcoin’s price moves.
As expiration approaches, “gamma” — an options metric measuring sensitivity to price changes — is expected to peak. This often results in heightened price volatility, as investors and market makers adjust their hedges. Market makers, who generally take the opposite side of trades, may trigger sharper price swings as they manage risk.
Volmex, a decentralized crypto trading platform, explained on X:
“The largest delta concentration is in Deribit BTC’s May 30 expiry, with $2.8B delta exposure led by strikes at $100K, $105K, and $95K, which has a potential for strong gamma-driven flows into month-end.”
They added:
“Any move can trigger aggressive dealer hedging, fragile gamma environment! Expect volatility!”
At press time, Bitcoin traded around $107,700, following record highs above $111,000 reached last week, according to CoinDesk data.
Meanwhile, Deribit’s DVOL index — which measures 30-day implied volatility based on options prices — continues to decline, indicating relatively subdued market anxiety around the expiry event. However, Volmex’s annualized one-day implied volatility index edged up slightly to 45.4%, implying a potential 2.37% price move over the next 24 hours.
