Approximately $2.7 billion in Bitcoin options contracts expire on Friday, November 6 at 08:00 UTC, with a maximum pain price of $79,000, about 1.6% below Bitcoin’s $80,280 price. Calls account for 25,012 BTC compared with 8,429 BTC in puts, producing a put-to-call ratio of 0.34 and nearly three outstanding calls for every put. The expiry occurs 5.5 hours before the U.S. employment report, leaving a protection gap for traders relying on same-day put options to hedge against a sudden Bitcoin sell-off. Protection covering the announcement costs roughly 74% more for an $80,000 put expiring November 7, at $682 per BTC instead of $393, while the maximum pain level is not a price forecast.
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