Bitcoin is approaching Friday’s monthly options expiry under pressure, following a steep market downturn that pushed prices to $81,000 before stabilizing near $87,000. The pullback has shifted the spotlight back to the options market, where traders have increasingly positioned for further downside.
Deribit data shows 153,778 BTC worth of options expiring this week, including 92,692 BTC in calls and 61,086 BTC in puts, representing about $13.3 billion in notional value. The put-call ratio of 0.66 still favors calls, but the rise in put exposure signals growing demand for protection.
In options terms, calls grant the right to buy BTC at a set price and reflect bullish sentiment, while puts grant the right to sell and typically serve as insurance against declines.
Bitcoin’s max pain price—the strike where sellers would lose the least—is set at $102,000, roughly 17% above current levels, underscoring the wide gap between market pricing and option sellers’ optimal outcome. Only about $3.4 billion (26%) of open contracts are currently in the money, while roughly $10 billion (74%) remain out of the money, showing traders were positioned for larger moves outside today’s range.
The largest concentration of open interest sits at the $80,000 put strike, forming the biggest bearish cluster on the board. Call interest is stacked across much higher levels, particularly above $120,000, but these strikes remain safely out of reach given the current spot price.
With sentiment still weak and much of the positioning skewed toward out-of-the-money levels, Bitcoin could see heightened volatility into Friday as market makers hedge around key strikes and adjust exposure into the expiry.
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