Bitcoin traders face a $6.44 billion options expiry on Deribit at 08:00 UTC this Friday, covering 81,700 BTC contracts as spot hovers near $79,000 after a rapid climb from $62,000. The expiry consists of 44,639 call contracts against 37,061 puts, with a put-to-call ratio of 0.83 and significant concentration at the $75,000 and $80,000 strikes. Deribit Chief Risk Officer Shaun Fernando said more than $500 million in notional value is positioned within 5% of Bitcoin’s current market price, which could result in unusual pinning around key strikes or accelerate moves through them. The max pain level sits near $68,000, some $11,000 below spot, but this figure does not constitute a reliable forecast and reaching it would require a much larger reversal than a simple retreat to the $75,000 strike cluster.
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