$6B Bitcoin Options Expiry: $82K Calls Pile Up Ahead of May 29

Bitcoin options worth $6.25 billion are set to expire on Deribit on May 29, with traders piling into bullish call positions at the $82,000 strike. The $80,000 strike leads call-side open interest at $532 million in notional value, while the $75,000 put strike carries the heaviest put concentration at $394 million. The put/call ratio stands at 0.86, reflecting a modestly bullish bias, though the max-pain price at $75,000 sits below the current spot price of $77,250, creating a gravitational pull that could weigh on price action as expiry approaches.

The concentration of call open interest at $80,000 and $82,000 suggests that a significant portion of traders expect bitcoin to hold above these levels through expiry. However, the max-pain model—the price at which the largest number of contracts expire worthless—points to $75,000, roughly 3% below current levels. This dynamic often leads to price pinning near max pain in the final days before expiry, as market makers hedge their exposure. For crypto traders, this setup creates a tactical window: the interplay between heavy call accumulation and max-pain gravity can produce sharp moves in either direction as positions are rolled or closed. Traders can monitor these levels in real time on NowPrice's live crypto dashboard to track positioning shifts.

Looking ahead, the May 29 expiry will be followed by the monthly Deribit settlement, which often sets the tone for near-term volatility. Key levels to watch include the $80,000 call wall and the $75,000 put wall, as a break above or below these thresholds could trigger cascading liquidations. Additionally, broader macro factors such as US interest rate expectations and ETF flow data will influence bitcoin's trajectory into June. Traders should also monitor open interest decay in the final 24 hours, as it provides clues about directional conviction among large holders.