Bitcoin trades near $85,000 ahead of one of deribit’s largest options expiries of the year
Summary
Bitcoin and ether face quarterly Deribit options expiries worth about $15.9 billion and $2.1 billion, respectively, with the BTC settlement representing 37% of the exchange’s open interest. Bitcoin options are call-heavy, reflecting bullish positioning; roughly 55% of expiring calls are in the money. Open interest clusters around $85,000–$100,000 calls and $60,000–$75,000 puts, while $75,000 is the estimated max-pain level and a potential support area. The expiry may unwind dealer hedging that helped fuel bitcoin’s recent rise, reducing price pinning and increasing short-term volatility. Traders are also watching bitcoin near $85,000 and how positions shift into later expiries.
