Bitcoin’s rally from roughly $62,000 to near $80,000 ran through one of its largest options expiries of the year on Friday, clearing about 81,700 contracts worth $6.4 billion on Deribit at 08:00 UTC.Much of that positioning was built before bitcoin surged more than 20% in a week.By Thursday, the rally had pushed BTC directly into large concentrations of bets at $75,000 and $80,000, while the expiry’s so-called max-pain level — where the largest number of options would expire worthless — sat much lower around $68,000-$70,000.Friday’s settlement removes those expiring positions from the market. This makes the next distribution of open interest more useful than the one traders were watching before the rally, as it shows where they are placing bets after bitcoin’s move toward $80,000 rather than before it.