A massive $6 billion expiry is driving traders into $82,000 Bitcoin call bets ahead of May 29.

Bitcoin derivatives markets are approaching a major expiry event, with roughly $6.25 billion in options tied to Bitcoin set to expire on May 29, according to data from Deribit.

Positioning is tightly concentrated around two key strike levels. The $75,000 zone carries the largest put exposure at approximately $394 million in notional value, while the $80,000 strike dominates call positioning with about $532 million. These levels are expected to act as focal points for price action into settlement.

The max pain level—where the greatest number of contracts expire worthless—is also positioned at $75,000. With Bitcoin trading near $77,250, slightly above that level, market structure suggests a modest gravitational pull lower as dealers hedge exposure into expiry.

Overall positioning shows 43,184 call contracts versus 37,351 puts, producing a put/call ratio of 0.86. This indicates a mildly bullish lean, although proximity to max pain keeps downside risks in play heading into expiration.

At the same time, activity in higher strike calls signals continued speculative interest. The $82,000 call for the May 29 expiry was the most actively traded contract on Thursday, with around 1,600 contracts changing hands, representing roughly $126 million in notional exposure. The flow suggests some traders are still positioning for upside breakout potential rather than consolidation.

Total open interest for the expiry stands at approximately 80,535 contracts, split between calls and puts.

Beyond this single event, broader derivatives activity continues to grow. Deribit now holds about $31.3 billion in total open interest, surpassing BlackRock’s iShares Bitcoin Trust ETF, which sits near $27 billion according to Checkonchain data. The crossover highlights the increasing influence of options markets in shaping short-term price discovery for Bitcoin.