Bitcoin derivatives markets are entering a major expiry window, with about $6.25 billion in options tied to Bitcoin set to expire on May 29, according to data from Deribit.
Positioning is heavily concentrated around two key strikes. The $75,000 level carries the largest put exposure, totaling roughly $394 million in notional value, while the $80,000 strike dominates call positioning at about $532 million. These clusters are expected to play a central role in price behavior into settlement.
The “max pain” level—where the highest number of options expire worthless—is also pinned at $75,000. With Bitcoin trading near $77,250, just above that level, market structure suggests a mild downward pull could emerge as traders and dealers hedge positions into expiry.
Overall positioning shows 43,184 call contracts versus 37,351 puts, giving a put/call ratio of 0.86. This reflects a slightly bullish bias, though the proximity to max pain keeps downside risk in focus heading into settlement.
At the same time, traders are actively positioning for upside volatility. The $82,000 call for the May 29 expiry saw the highest trading activity on Thursday, with around 1,600 contracts traded, worth approximately $126 million in notional exposure. The activity suggests some market participants are still betting on a breakout rather than consolidation.
Total open interest across the expiry stands at roughly 80,535 contracts, split between calls and puts.
Beyond this single expiry, broader derivatives activity continues to expand. Deribit’s total open interest has climbed to around $31.3 billion, overtaking BlackRock’s iShares Bitcoin Trust ETF at approximately $27 billion, according to Checkonchain data. The shift underscores the growing influence of options markets in driving short-term price discovery for Bitcoin.
