Bitcoin Faces $6.4 Billion in Options Expiry as $80,000 Becomes Key Price Level

Chainthink

Release Time: 2026/08/26 08:33:04

BTC

$77,379.50-1.56%

Summary

Today, the Bitcoin price faces a $6.4 billion options expiry on Deribit at 16:00 Beijing time Friday, with 81,700 contracts set to expire. Call options total 44,600 contracts, while put options amount to 37,100, resulting in a put/call ratio of 0.83. The most concentrated call strikes are at $75,000 and $80,000, with notional values of $236 million and $157 million, respectively. Over the past week, Bitcoin’s price surged from $62,000 to $80,000, pushing many call options into the money and increasing Gamma hedging pressure. Options within 5% of the current price represent over $500 million in notional value, likely leading to price pinning or volatility spikes near expiry.

ChainThink reports that on Friday at 16:00 Beijing time, approximately 81,700 Bitcoin options will expire on Deribit, with a notional value of about $6.44 billion.

Approximately 44,600 call options and 37,100 put options were traded, resulting in a put/call ratio of 0.83, indicating an overall bullish sentiment.

The most concentrated call option strike prices are $75,000 and $80,000, with open interest notional values of approximately $2.36 billion and $1.57 billion, respectively.

Deribit’s Chief Risk Officer stated that over the past week, Bitcoin rapidly rose from around $62,000 to $80,000, causing a large number of call options to move in-the-money and placing increased gamma hedging pressure on market makers.

The notional value of options within a 5% range of the current price exceeds $500 million, and as expiration approaches, increased gamma hedging may cause price "pinning" near key strike prices or accelerated volatility following a breakout.

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