Bitcoin options worth approximately $6.25 billion are set to expire on Deribit on May 29, with positioning data pointing to $75,000 and $80,000 as key levels to watch. The $75,000 strike price represents the highest concentration of puts with a notional value of $394 million, while $80,000 dominates on the call side with $532 million.
The maximum price, the level at which the greatest number of contracts expire worthless, sits at $75,000, just under 3% below bitcoin’s current level of $77,250. With 43,184 call contracts compared to 37,351 puts, the put/call ratio of 0.86 reflects a slightly bullish market, although bitcoin’s position above peak pain means the downward gravitational pull remains a real consideration.
However, most attention is currently focused on the $82,000 strike at the time of writing. Volume data shows that the BTC 29MAY26 $82,000 call was the most actively traded instrument on Thursday, with around 1,600 contracts ($126 million) changing hands, suggesting traders are positioning for an upside breakout rather than a pullback.
Total open interest through expiration stands at 80,535 contracts, split between 43,184 calls and 37,351 puts.
Meanwhile, Deribit’s overall open stake has now reached $31.3 billion, surpassing BlackRock’s IBIT at $27 billion, according to checkonchain.
