Bitcoin Options Worth $6.25 Billion Set for May 29 Expiry as Traders Target $82K Breakout

Bitcoin markets are heading into a major derivatives event, with $6.25 billion worth of options contracts set to expire on Deribit on May 29. The positioning shows heavy trading interest around the $75,000 and $80,000 strike levels as traders prepare for volatility in the final days before settlement.

A total of 80,535 contracts are expiring, with 43,184 call options and 37,351 put options. The put/call ratio of 0.86 signals a mildly bullish market, although sentiment remains mixed due to strong resistance zones above current prices.

$75K Max Pain Level and $80K Call Wall Shape Market Positioning

The largest concentration of put options sits at the $75,000 strike, valued at around $394 million, while the $80,000 call level holds about $532 million in notional value. This creates a key battleground between downside protection and upside speculation.

Market “max pain” is currently calculated at $75,000, slightly below Bitcoin’s trading price near $77,250, suggesting potential downward pressure toward that level as expiry approaches.

$82K Call Activity Signals Bullish Breakout Bets

Despite the pull of max pain, traders are also aggressively positioning for upside. The $82,000 call option has become the most actively traded contract, with around 1,600 contracts worth approximately $126 million changing hands, signaling expectations of a breakout above resistance.

Meanwhile, total open interest on Deribit has climbed to $31.3 billion, surpassing BlackRock’s IBIT ETF at $27 billion, highlighting growing dominance of crypto derivatives activity in global markets.