Deribit reclaims Bitcoin options crown as $6.25B expiry looms
Deribit’s Bitcoin options open interest surged to $31.3 billion on May 21, reclaiming the top spot from BlackRock’s IBIT, which sat at about $27 billion. The reversal follows a brief April period when IBIT — fueled by ETF-related flows — surpassed the crypto-native exchange for the first time since ETF options began trading in November 2024.
A large expiry is now focused on May 29: 80,535 contracts worth roughly $6.25 billion will settle on Deribit. Positioning is concentrated around a few critical strikes:
- $75,000 strike: largest put concentration, about $394 million
- $80,000 strike: largest call concentration, about $532 million
- Put/call ratio: 0.86, signaling a modestly bullish skew
Max pain and the short-term tug-of-war
The market’s “max pain” — the price level where option buyers lose the most and sellers profit the most — sits roughly $2,000 below Bitcoin’s current price near $77,000, putting it around $75,000. As expiry approaches, market makers often hedge toward that level, creating a soft gravitational pull that can influence price action in the days leading up to settlement.
Why the picture looks mixed
On-chain and derivatives indicators are sending mixed messages. Funding rates on Deribit have turned more bullish as traders add long exposure, yet options flows show short-term caution alongside longer-term bullish bets. Notably, traders have been active in $82,000 calls ahead of the May 29 expiry, suggesting some are positioned for an upside breakout that would clear the current call wall.
The flip-flop between Deribit and IBIT highlights how quickly positioning can shift between regulated ETF options and crypto-native derivatives. IBIT options tend to carry longer average maturities, indicating different investor profiles and time horizons compared with the typically shorter-dated contracts on Deribit.
What to watch
- Whether BTC moves above $80,000 or is drawn toward $75,000 will determine which side (buyers or sellers) takes the larger hit at settlement.
- Heavy concentration at the $75k and $80k strikes makes these levels potential flashpoints for volatility in the coming week.
- Traders should monitor funding, orderflow and price movement as hedge flows into max pain can subtly steer short-term price behavior.
Crypto.news has tracked the $75,000 level as a recurring battleground through 2026. With a major options settlement imminent, volatility and quick shifts in positioning are likely — and the BTC price page will be tracking live movements as the May 29 expiry approaches.
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