12 min ago3 min readOpen Interest by Strike Price (Deribit)SummaryAround 81,700 bitcoin ($6.4 billion) options expire Friday, with calls outnumbering puts and max pain sitting at $68,000.The $80,000 strike holds $157 million in call notional, while $75,000 has the most call open interest at $236 million.Bitcoin’s BTC$78,932.95 recent price surge has given traders plenty to talk about and Friday could crank the excitement even higher. The catalyst? Options worth billions of dollars are set to expire on Friday at 08:00 UTC on crypto exchange Deribit.A total of 81,700 bitcoin options contracts, representing approximately $6.44 billion in notional value, will cease to exist, according to data source Deribit Metrics. One options contract represents 1 full BTC.The total comprises 44,639 call contracts and 37,061 put contracts, resulting in a put-to-call ratio of 0.83, which points to bullish positioning in the market.The two most preferred call-option strikes are $75,000 and $80,000. The $75,000 strike holds the largest call open interest, with $236 million in notional value, followed by the $80,000 strike at $157 million.Call and put options are contracts that allow traders to take a view on the underlying asset, in this case, BTC, without necessarily buying or selling the asset outright. A call gives the holder the right to buy the underlying asset at a preset price on or before the expiry date, while a put gives the holder the right to sell the underlying asset at a preset price on or before the expiry date.In both cases, the option buyer pays an upfront premium, similar to the price of a lottery ticket. Traders use options to hedge against price volatility or to amplify potential gains from a directional market view.Deribit’s Chief Risk Officer Shaun Fernando described the expiry as an “interesting one to watch.”“With nearly 20% of bitcoin open interest on Deribit set to expire, and with the market’s sharp moves, volatility term structure shifting from backwardation to contango, bitcoin volatility index (DVOL) rising by 30% relative, and call-put skew flipping from negative to positive, all in the last week, this is shaping up to be an interesting expiry to watch,” he told CoinDesk.He explained that the recent price rally has left a large number of call options in-the-money (in profit), increasing the amount of exposure market makers must manage.BTC surged from roughly $62,000 to $80,000 in just one week, marking its second-largest weekly gain in several years. The rally has pushed call options with strike prices below $80,000 into the money.“Over half a billion in notional sits within a 5% move of the current price, which should result in increased gamma hedging in the build-up to expiry,” Fernando said. “That may result in unusual pinning around key strikes or accelerate moves through them.”Market makers, or entities tasked with providing liquidity in an exchange’s order book, manage their exposure by buying or selling BTC as its price moves and affects options prices. When a large amount of open interest is clustered near a particular strike, even small spot price changes can force market makers to adjust those hedges more aggressively in a dynamic known as gamma hedging.Sometimes the net effect of that is “pinning” – the spot price gravitating around the level with the large amount of open interest.For bitcoin, this means prices could trade around dominant strikes such as $80,000, while a decisive break away from that level may trigger even bigger price moves.Related Assets12345678910Anvil: The Missing Collateral LayerAnvil: The Missing Collateral LayerAnvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee -no loan, no interest, keep custody & yield.Jul 29, 2026Anvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee -no loan, no interest, keep custody & yield.Why it matters:Anvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee -no loan, no interest, keep custody & yield.View Full Report