About 81,700 Bitcoin options contracts, representing roughly $6.4 billion in notional value, are scheduled to expire on Deribit at 08:00 UTC on Friday, Aug. 28.
The Deribit data shows a concentration of call‑side open interest at the $75,000 and $80,000 strikes. The $75,000 call strike carries approximately $236 million in reported notional, while the $80,000 call strike holds about $157 million. Together, these positions account for about $393 million, or 6.1 % of the total expiry notional.
Bitcoin is currently trading between $78,000 and $80,000. As the expiry approaches, dealers may adjust hedges based on price movements around these heavily populated strikes. Depending on net dealer positioning, such adjustments could either keep the price near a strike (pinning) or reinforce a breakout through the level.
The put‑to‑call ratio for the expiry stands at 0.83, indicating that call contracts outnumber puts. While this ratio reflects inventory composition, it does not directly indicate market sentiment.
Deribit’s monthly expiry schedule fixes the settlement time at 08:00 UTC on the last Friday of each month. A decisive move through either the $75,000 or $80,000 level could trigger rapid hedge adjustments, making the price response around these strikes a key signal after the settlement.
