The $6 billion expiration countdown: Traders pile into $82,000 bitcoin calls ahead of May 29 expiry

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email The $6 billion expiration countdown: Traders pile into $82,000 bitcoin calls ahead of May 29 expiry Deribit’s bitcoin open interest has overtaken BlackRock’s IBIT as traders brace for a showdown between $75K max pain and $80K call positioning. By James Van Straten | Edited by Jamie Crawley May 21, 2026, 10:53 a.m. 1 min read Make preferred on Open Interest by Strike Price (Deribit) What to know : A total of 80,535 contracts worth $6.25 billion are set to settle on Deribit on May 29. The $75,000 strike holds the largest put concentration at $394 million in notional value, while the $80,000 call strike dominates on the upside with $532 million. The put/call ratio of 0.86 reflects a modestly bullish market, though with max pain sitting $2,000 below the current price, a gravitational pull toward $75,000 remains a real risk heading into May 29 settlement. Bitcoin BTC $ 77,172.49 options worth roughly $6.25 billion are set to 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 heaviest put concentration at $394 million in notional value, while $80,000 dominates on the call side with $532 million The max-pain price, the level at which the largest number of contracts expire worthless sits at $75,000, j ust under 3% below where bitcoin currently trades at $77,250 . With 43,184 call contracts versus 37,351 puts, the put/call ratio of 0.86 reflects a modestly bullish market, though bitcoin's position above max pain means downward gravitational pull remains a real consideration. BTC Options Top Volume (Deribit) However, the $82,000 strike is where the most attention is currently focused as of writing. Volume data shows the BTC 29MAY26 $82,000 call was the single most actively traded instrument on Thursday, with approximately 1,600 contracts ($126 million) changing hands, suggesting traders are positioning for a breakout higher rather than a retreat. The total open interest across the expiry stands at 80,535 contracts, split between 43,184 calls and 37,351 puts. Meanwhile, Deribit's overall open interest has now reached $31.3 billion, overtaking BlackRock's IBIT at $27 billion, according to checkonchain . Bitcoin News Deribit Options More For You HYPE leads crypto rebound as traders position for volatility breakout By Oliver Knight , Omkar Godbole | Edited by Sheldon Reback 11 minutes ago Bitcoin and ether stabilized as derivatives activity rebounded, HYPE rose for a fifth straight day and options traders positioned for a breakout. What to know : Bitcoin rebounded to $77,900 and ether traded near $2,130 as crypto markets steadied alongside stronger U.S. equities and easing oil prices. Hyperliquid’s HYPE jumped 6.5%, extending its seven-day gain to 53%, with derivatives data signaling aggressive bullish positioning. Options traders are increasingly betting on a volatility breakout in bitcoin and... Read full story Latest Crypto News HYPE leads crypto rebound as traders position for volatility breakout 11 minutes ago A crypto whale has made a $224,000 bet that XRP's price stays perfectly flat through June 1 hour ago TradFi giant IG to expand crypto trading across Europe through Bitpanda 2 hours ago Binance launches SpaceX pre-IPO perps amid $2 trillion valuation bets 4 hours ago Don't call us just a WLFI treasury company, says AI Financial 5 hours ago Here's why bitcoin turned lower from the 200-day average 6 hours ago Top Stories Elon Musk's SpaceX held 18,712 bitcoin at fair value of $1.29 billion at end of Q1, IPO filing shows 13 hours ago Crypto custody firm Copper is looking to sell the company for $500 million 17 hours ago Why Trump's bitcoin ETF plans likely collapsed before getting off the ground 18 hours ago Polymarket moves to list parlays while SEC seeks public input on prediction market ETFs 12 hours ago Federal Reserve proposes limited master accounts long pursued by crypto firms 12 hours ago Prediction markets firms take heat in Senate Commerce hearing scrutinizing surge 17 hours ago In this article BTC BTC $ 77,172.49 ◢ 0.36 %