bitcoin Options worth approximately $6.25 billion will expire on Deribit on May 29, with positioning data pointing to $75,000 and $80,000 as the key levels to watch. The $75,000 strike carries the highest concentration of puts with $394 million in notional value, while $80,000 dominates on the call side with $532 million.
The peak price, the level at which the largest number of contracts expire worthless, sits at $75,000, just under 3% below where bitcoin currently trades at $77,250. With 43,184 buy contracts versus 37,351 put contracts, the put/call ratio of 0.86 reflects a modestly bullish market, although bitcoin’s position above peak pain means the downward gravitational pull remains a real consideration.
However, the $82,000 strike is where most attention is currently focused at the time of writing. Volume data shows that the $82,000 BTC 29MAY26 call was the most actively traded instrument on Thursday, with approximately 1,600 contracts ($126 million) changing hands, suggesting traders are positioning for a bullish breakout rather than a pullback.
The total open interest until expiration amounts to 80,535 contracts, divided into 43,184 call options and 37,351 put options.
Meanwhile, Deribit’s overall open interest has now reached $31.3 billion, surpassing BlackRock’s IBIT by $27 billion, according to checkonchain.
