Approximately $6.44 billion in Bitcoin options covering 81,700 contracts expire on Deribit Friday, the same day Federal Reserve Chair Kevin Warsh delivers his first major keynote at the Jackson Hole Economic Policy Symposium. The options book shows a put-to-call ratio of 0.83 with the heaviest open-interest concentrations at $75,000 and $80,000, while max pain sits around $70,000, roughly $9,000 to $11,000 below the price at publication. The size of expiring contracts forces dealers who sold these options to hedge their positions with real Bitcoin, potentially creating directional buying or selling pressure independent of fundamental moves. Historical precedent shows that large option expiries, such as the $15 billion and $13.3 billion expirations in June and December 2025 respectively, have produced muted price reactions.
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