Roughly $15.6 billion in Bitcoin options are set to expire Friday on Deribit, with 182,000 BTC in open contracts split between 106,200 calls and 75,900 puts. Max pain sits at $76,000, about $9,000 below Bitcoin’s current price near $85,000. The busiest strike is $70,000, hosting the largest call position (8,705 BTC) and the largest put position (7,653 BTC). Once these contracts settle, several U.S. economic catalysts (durable goods orders, consumer sentiment reading, CME futures settlement) could test Bitcoin’s ability to hold its rally without the hedging flows that have supported it.
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