Bitcoin Deribit has about $6.25 billion worth of options expiring on May 29, and position data shows $75,000 and $80,000 as key levels to watch. The $75,000 puts have the highest concentration, with a notional value of $394 million, while the $80,000 calls are dominated by $532 million.
The maximum pain price (i.e. the level at which the largest number of contracts expire worthless) is $75,000, which is less than 3% below the $77,250 price Bitcoin is currently trading at. With 43,184 call contracts and 37,351 puts, the put/call ratio of 0.86 reflects a moderately bullish market, although Bitcoin’s position above maximum pain means downward gravity remains a real consideration.
However, as of this writing, the $82,000 strike is where the most attention is currently being paid. Volume data shows that BTC $82,000 call options on May 29, 2026 were the single most actively traded instrument on Thursday, with approximately 1,600 contracts ($126 million) changing hands, suggesting traders are preparing for a breakout higher, rather than a pullback.
The total number of open contracts during the expiration period was 80,535 contracts, including 43,184 call options and 37,351 put options.
Meanwhile, Deribit’s overall open interest has now reached $31.3 billion, surpassing BlackRock’s $27 billion IBIT, according to checkonchain.
