Deribit’s May 29 settlement sees $6.25 billion in BTC options, with heavy call activity at $82,000 despite max pain at $75,000.
Traders are loading up on $82,000 bitcoin call options as $6.25 billion in contracts near expiry on May 29. The $80,000 call strike holds $532 million in notional value, the largest on the upside, while $75,000 remains the max-pain level with $394 million in puts.
Bitcoin currently trades at $77,250, just $2,000 above the max-pain price, where the most contracts would expire worthless. The put/call ratio of 0.86 signals modest bullishness, but downward pressure toward $75,000 remains a risk. The $82,000 call strike saw the highest volume, with 1,600 contracts ($126 million) traded Thursday.
Deribit’s open interest has surpassed BlackRock’s IBIT, reflecting heightened activity ahead of the expiry. Traders appear positioned for a breakout, though the gravitational pull of max pain could limit upside.