CryptoSlate
About 81,700 Bitcoin options worth roughly $6.4 billion in notional are set to settle on Deribit at 08:00 UTC on Aug. 28. Bitcoin's reference price is near $78,514, between the $75,000 and $80,000 call strikes. Reported call notional at those strikes totals about $393 million, with $236 million at $75,000 and $157 million at $80,000. That puts Bitcoin inside the range where dealer hedging can either dampen its next move or add force to a break.
Why it matters
The expiry creates a shared deadline around two concentrated strikes. With Bitcoin near $78,514, $80,000 is the nearest pressure point and $75,000 is the lower concentration. As expiry approaches, dealers adjust hedges as Bitcoin moves and an option's sensitivity to the underlying changes. If their net position leads them to trade against the move, those flows can help keep price near a strike. If it requires hedges that reinforce the move, a break can accelerate.
The two highlighted call strikes account for about $393 million in notional, or 6.1% of the reported $6.44 billion expiry. The 0.83 put-to-call ratio shows calls outnumber puts, but it is better read as an inventory measure than as a direct sentiment gauge. Traders can use calls in spreads, covered positions and volatility strategies, so the ratio alone does not establish a bullish view.
Market impact
Net gamma, the dealer-side positioning needed to separate pinning from acceleration, cannot be inferred from the strike totals. That leaves both paths conditional: Bitcoin can remain near a crowded strike into settlement, or a decisive move through $75,000 or $80,000 can demand faster hedge changes.
Deribit's monthly schedule fixes the expiry at 08:00 UTC on the last Friday of the month. Once the expiring positions are removed or rolled, the shared deadline disappears. Price behavior around $75,000 and $80,000 after settlement should offer a cleaner read than the pre-expiry range.
Frequently asked questions
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When are the Bitcoin options scheduled to settle?
The roughly 81,700 Deribit Bitcoin options are scheduled to settle at 08:00 UTC on Aug. 28. Deribit's monthly schedule places expiry on the last Friday of the month.
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How much call notional sits at the $75K and $80K strikes?
About $236 million is concentrated at $75,000 and $157 million at $80,000, for roughly $393 million combined.
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Does the 0.83 put-to-call ratio prove traders are bullish?
No. It shows calls outnumber puts, but the ratio describes inventory and can reflect spreads, covered positions and volatility strategies rather than a standalone directional view.
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What determines whether hedging pins Bitcoin or accelerates a move?
Dealer net gamma is the positioning measure needed to distinguish the two paths. Hedging can trade against a move and keep Bitcoin near a strike, or reinforce a break.
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Why could post-settlement price action matter more than the expiry range?
Settlement removes or rolls the expiring positions and ends the shared deadline. Price behavior around $75,000 and $80,000 afterward can therefore provide a cleaner read.
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