Deribit’s bitcoin open interest has overtaken BlackRock’s IBIT as traders brace for a showdown between $75K max pain and $80K call positioning.Updated May 21, 2026, 11:05 a.m. Published May 21, 2026, 10:53 a.m. 1 min readMake preferred on Open Interest by Strike Price (Deribit)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.Bitcoin BTC$77,640.65 options worth roughly $6.25 billion are set to expire on Deribit on May 29, with positioning data pointing to $75,000 and $80,000 as the key levels to watch. The $75,000 strike carries the heaviest put concentration at $394 million in notional value, while $80,000 dominates on the call side with $532 millionThe max-pain price, the level at which the largest number of contracts expire worthless sits at $75,000, just under 3% below where bitcoin currently trades at $77,250. With 43,184 call contracts versus 37,351 puts, the put/call ratio of 0.86 reflects a modestly bullish market, though bitcoin's position above max pain means downward gravitational pull remains a real consideration.BTC Options Top Volume (Deribit)However, the $82,000 strike is where the most attention is currently focused as of writing. Volume data shows the BTC 29MAY26 $82,000 call was the single most actively traded instrument on Thursday, with approximately 1,600 contracts ($126 million) changing hands, suggesting traders are positioning for a breakout higher rather than a retreat.The total open interest across the expiry stands at 80,535 contracts, split between 43,184 calls and 37,351 puts.Meanwhile, Deribit's overall open interest has now reached $31.3 billion, overtaking BlackRock's IBIT at $27 billion, according to checkonchain.More For YouBitcoin and ether stabilized as derivatives activity rebounded, HYPE rose for a fifth straight day and options traders positioned for a breakout.What to know: Bitcoin rebounded to $77,900 and ether traded near $2,130 as crypto markets steadied alongside stronger U.S. equities and easing oil prices. Hyperliquid’s HYPE jumped 6.5%, extending its seven-day gain to 53%, with derivatives data signaling aggressive bullish positioning. Options traders are increasingly betting on a volatility breakout in bitcoin and...Read full storyTop Stories