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The $6 billion expiration countdown: Traders pile into $82,000 bitcoin calls ahead of May 29 expiry
Deribit’s bitcoin open interest has overtaken BlackRock’s IBIT as traders brace for a showdown between $75K max pain and $80K call positioning.
Updated May 21, 2026, 11:05 a.m. Published May 21, 2026, 10:53 a.m. 1 min read
What to know:
- A total of 80,535 contracts worth $6.25 billion are set to settle on Deribit on May 29.
- The $75,000 strike holds the largest put concentration at $394 million in notional value, while the $80,000 call strike dominates on the upside with $532 million.
- The put/call ratio of 0.86 reflects a modestly bullish market, though with max pain sitting $2,000 below the current price, a gravitational pull toward $75,000 remains a real risk heading into May 29 settlement.
However, the $82,000 strike is where the most attention is currently focused as of writing. Volume data shows the BTC 29MAY26 $82,000 call was the single most actively traded instrument on Thursday, with approximately 1,600 contracts ($126 million) changing hands, suggesting traders are positioning for a breakout higher rather than a retreat.
