The bitcoin options market is approaching a major expiry on May 29. About $6.25 billion in contracts are set to close on Deribit, and the positioning already highlights the main levels for BTC: $75,000, $80,000, and $82,000. A short-term intrigue is now forming around these levels.
On one hand, the max pain price is around $75,000, below bitcoin’s current rate. On the other, traders are actively buying call options at $82,000, signaling expectations of a surge upward before the settlement date. This structure makes the coming week especially sensitive to any price movement.
Options Worth $6.25 Billion to Expire on Deribit
By the May 29 expiry, 80,535 bitcoin contracts totaling about $6.25 billion are open on Deribit. Of these, 43,184 contracts are call options and 37,351 are puts. The put/call ratio is 0.86, indicating a moderate bias toward bullish bets.
This is not aggressive euphoria, but the market clearly does not look bearish. Participants continue to price in growth scenarios, though protective positions remain noticeable. Therefore, the expiry could see high volatility, especially if BTC stays between $75,000 and $82,000.
The $75,000 Level Remains a Price Magnet
The main risk zone for buyers is around $75,000. That is where max pain is located—the level at which the maximum number of options contracts expire worthless. The current bitcoin price is about $2,000 above this area.
Such a gap creates a risk of the price being pulled down before expiry. This does not mean BTC will necessarily drop to $75,000, but market makers and large players often consider such zones when managing positions, especially when little time remains before settlement.
The $75,000 level also holds the largest concentration of put options—about $394 million in notional value. If the market starts to decline, this area will quickly become a key point of defense.
Calls at $80,000 Dominate the Upside
On the bullish side, the main level remains $80,000. That is where the largest concentration of call options is, with a notional value of about $532 million. This shows that a significant portion of traders expect BTC to return above this psychological mark.
The $80,000 level is important not only for options. It also acts as a boundary, after which the market may start to more actively price in continued recovery. If bitcoin can hold above this zone, pressure on sellers will increase.
But for now, $80,000 remains a barrier. Without a strong influx of demand or improved macro conditions, a breakout could be difficult.
Most Active Demand Has Shifted to $82,000
Top Volatile Instruments in Options
The main intrigue of recent trading is the sharp interest in $82,000 call options expiring May 29. This instrument became the most actively traded on Deribit on Thursday.
According to market data, about 1,600 contracts worth roughly $126 million went through these options. This indicates that some traders are betting not just on holding current levels, but on a stronger move upward.
Such demand could increase volatility closer to expiry. If BTC starts approaching $80,000, buyers of $82,000 calls could get an extra boost, and market makers will have to hedge positions more actively.
Deribit Open Interest Surpasses IBIT
A separate signal came from the total open interest volume on Deribit. It reached $31.3 billion and has already surpassed the size of the largest spot bitcoin ETF, BlackRock IBIT, which is valued at about $27 billion.
This shows how large the derivatives market around BTC has become. Options are no longer a niche tool for professionals. They are increasingly influencing short-term price dynamics, especially in weeks of major expiries.
For the market, this means BTC movements are increasingly dependent not only on spot demand and ETF flows, but also on options positioning.
What’s Next?
Until May 29, bitcoin may remain in a zone of heightened sensitivity. If the price starts moving toward $80,000, the market will quickly switch to a scenario of testing $82,000. In this case, call positions could amplify the short-term upward move.
But if BTC loses the current area and approaches $75,000, the max pain effect will become the main factor again. Then the market may see more cautious positioning ahead of expiry.
For now, the options structure looks moderately bullish, but not unambiguous. Traders are waiting for a breakout higher, but the $75,000 level still remains an important risk for buyers.
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