Bitcoin’s Price Range of $95K-$105K Under Scrutiny with $10 Billion Options Expiration Nearing

Bitcoin Faces Key $95K-$105K Range as $10 Billion in Options Expire This Friday on Deribit

Bitcoin options totaling over $10 billion are set to expire on Friday at 08:00 UTC on the Deribit exchange, putting the $95,000 to $105,000 price range in the spotlight for potential volatility and directional signals.

As of now, 93,131 monthly Bitcoin options contracts, valued at more than $10 billion, are due to settle. About 53% of these contracts are calls, representing bullish market bets, while the rest are puts, which act as protection against price drops. Each contract represents one Bitcoin.

Open interest is heavily clustered around strike prices of $95,000, $100,000, and $105,000, concentrating significant delta exposure and increasing sensitivity to Bitcoin’s price moves.

With the expiry approaching, gamma — the rate at which delta changes relative to price movement — is expected to peak. This can lead to increased market swings as investors and market makers adjust hedges, potentially amplifying price volatility.

Volmex, a decentralized crypto trading platform, explained on X:

“The May 30 Deribit BTC expiry holds $2.8 billion in delta exposure at the $95K, $100K, and $105K strikes, signaling potential for strong gamma-driven activity as month-end approaches.”

They added:

“This fragile gamma environment means any price movement could prompt aggressive hedging by dealers. Prepare for volatility.”

Bitcoin was trading around $107,700 at the time of reporting, down slightly from last week’s peak above $111,000, according to CoinDesk.

Despite expectations of volatility, Deribit’s DVOL index — which measures 30-day implied volatility — has been falling, indicating relatively subdued market concern. Meanwhile, Volmex’s one-day annualized implied volatility index rose marginally to 45.4%, pointing to an anticipated 2.37% price move over the next 24 hours.