CoinDesk
Roughly 80,535 contracts worth $6.25 billion in notional are set to settle on Deribit on May 29, with traders visibly tilted bullish: 43,184 calls against 37,351 puts, putting the put/call ratio at 0.86. The $80,000 strike dominates upside positioning with $532 million in calls, while the $75,000 strike holds the largest put concentration at $394 million. Bitcoin trades near $77,250 — about 3% above max pain, the level where the most contracts would expire worthless.
Why it matters
Volume is where the bullish lean really shows. The BTC 29MAY26 $82,000 call was the single most actively traded instrument on Thursday, with roughly 1,600 contracts ($126 million) changing hands — a clear signal that traders are positioning for a breakout higher rather than a retreat to support. That flows against the textbook gravity argument: when price sits above max pain, options theory expects a drift back toward it into expiry, in this case toward $75K.
The broader context is that Deribit's total bitcoin open interest has reached $31.3 billion, overtaking BlackRock's spot BTC ETF IBIT at $27 billion in notional terms, per checkonchain. Derivatives are now a larger dollar book than the flagship institutional ETF, which reframes where marginal price discovery is actually happening.
Market impact
The asymmetry matters more than the headline expiry. Upside is crowded but active — the $80K and $82K strikes are where new money is still flowing in. Downside is more static: the $75K put wall is large but not thickening. That setup favours a squeeze higher into expiry if spot can hold above max pain, but a break below $75K would unwind the put side first and accelerate any drawdown into settlement. Watch the $80K strike into the final 48 hours — that's where the next leg of positioning will show up.
Frequently asked questions
-
What is the max pain price for the May 29 Deribit bitcoin expiry?
Max pain sits at $75,000 — the strike where the largest number of options contracts would expire worthless. Bitcoin is trading roughly 3% above that level near $77,250.
-
How much bitcoin options notional is set to settle on May 29?
About 80,535 contracts worth $6.25 billion in notional value are scheduled to settle on Deribit on May 29, split between 43,184 calls and 37,351 puts.
-
Why are traders piling into $82,000 bitcoin calls?
The BTC 29MAY26 $82,000 call was the most actively traded instrument on Thursday, with roughly 1,600 contracts ($126M) changing hands — a signal traders are positioning for an upside breakout rather than a retreat toward max pain.
-
Has Deribit's bitcoin open interest overtaken BlackRock's IBIT?
Yes. Deribit's total bitcoin open interest reached $31.3 billion, surpassing IBIT's $27 billion in notional terms according to checkonchain data.
-
What does a put/call ratio of 0.86 signal for bitcoin?
A ratio below 1 indicates more calls than puts, reflecting a modestly bullish market. Here, the split is 43,184 calls against 37,351 puts — bullish lean, though spot sitting above max pain adds downside gravity into expiry.
Lookonchain
Glassnode
WatcherGuru
Crypto Capital Venture
CoinTelegraph
WuBlockchain
CryptoSlate