Bitcoin's monthly options expiry is landing with a big footprint. About 81,700 contracts — roughly $6.4 billion in notional value — expire on Deribit at 08:00 UTC on Aug. 28, according to exchange data. The action is front-loaded at the $75,000 and $80,000 call strikes, where traders have parked more than $500 million combined.
Where the money sits
The $75,000 call holds $236 million in open interest, while the $80,000 call carries another $157 million. That's $393 million total, or about 6.1% of the entire expiry's notional. With bitcoin trading between $75,000 and $80,000 ahead of the cut — the reference price is near $78,514 — both strikes sit within reach. A put-to-call ratio of 0.83 for this expiry shows calls outnumber puts, a slightly bullish tilt.
Dealer gamma is the wildcard
Dealer net gamma positioning isn't fully visible. That matters because the outcome hinges on whether dealers are long or short gamma around these levels. Long gamma tends to pin price near the strike; short gamma can accelerate a move through it. Without that data, the market's next move stays conditional — a break above $80,000 could run, while a slide under $75,000 might find support, but neither is a sure bet.
What to watch into Friday
The monthly expiry lands on the last Friday of the month, and the 08:00 UTC deadline means the final few hours of trading will carry the weight. With $80,000 as the nearest pressure point and $75,000 as the lower concentration, bitcoin's range this week is already reflecting the standoff. The question isn't whether the options expire — it's how much they push the price before they do.
