Bitcoin options representing roughly $6 billion in notional value are scheduled to expire on May 29. In the lead-up, traders have been loading up on call options at the $82,000 strike price, signaling a bullish bet even as the underlying asset trades well below that level. The expiry also marks a milestone: open interest on Deribit has now eclipsed that of BlackRock's IBIT bitcoin exchange-traded fund, underscoring the exchange's dominant role in institutional crypto derivatives.
Deribit overtakes BlackRock's IBIT
Deribit's bitcoin options open interest has surpassed the open interest of BlackRock's spot bitcoin ETF for the first time. The shift reflects a growing preference among sophisticated traders for options-based exposure over ETF shares. BlackRock's IBIT, which launched in early 2024 and quickly became the largest spot bitcoin ETF, still holds billions in assets under management, but the options market is now a bigger arena for positioning.
Why the $82,000 strike matters
Open interest data shows significant call positioning at the $80,000 and $82,000 strikes. The $82,000 calls in particular have seen heavy accumulation in recent weeks. With bitcoin currently well below that mark, these options are out of the money — but that doesn't mean they're idle. Traders often use deep out-of-the-money calls to express a directional view or to hedge upside exposure through structures like call spreads. The sheer size of the open interest means that any rally toward those levels could trigger gamma effects, amplifying price moves.
Max pain at $75,000
The max pain price for the May 29 expiry is $75,000. That's the level where the largest number of options contracts would expire worthless, inflicting maximum financial pain on option holders. In theory, market makers and large players have an incentive to pin the price near $75,000 at settlement to minimize their payout obligations. But with such a high concentration of open interest at higher strikes, the actual settlement could be volatile if spot prices deviate sharply from max pain in the final days.
What happens next
All eyes are on the May 29 settlement. The $6 billion expiry is one of the largest monthly events this year, and the positioning skew is heavily bullish. If bitcoin stays below $75,000, most calls will expire worthless and sellers collect premiums. A push above $80,000, however, would force significant delta hedging. Either way, the expiry itself often causes a brief volatility spike before the market resets for the next monthly cycle.
