The $6 billion expiration countdown: Traders pile into $82,000 bitcoin calls ahead of May 29 expiry

Deribit’s bitcoin open interest has overtaken BlackRock’s IBIT as traders brace for a showdown between $75K max pain and $80K call positioning. What to know : A total of 80,535 contracts worth $6.25 billion are set to settle on Deribit on May 29. The $75,000 strike holds the largest put concentration at $394 million in notional value, while the $80,000 call strike dominates on the upside with $532 million. The put/call ratio of 0.86 reflects a modestly bullish market, though with max pain sitting $2,000 below the current price, a gravitational pull toward $75,000 remains a real risk heading into May 29 settlement.