Bitcoin options open interest on Deribit has reached $31.3 billion, overtaking BlackRock’s IBIT ahead of a $6.25 billion expiry.
Summary
- Deribit’s Bitcoin options open interest hit $31.3 billion on May 21, overtaking BlackRock’s IBIT at $27 billion, according to Checkonchain data.
- A total of 80,535 contracts worth $6.25 billion are set to expire on Deribit on May 29, with $75,000 as the max pain level.
- The put/call ratio of 0.86 is modestly bullish, but max pain sitting $2,000 below current price creates a gravitational pull toward $75,000.
Deribit’s Bitcoin options open interest climbed to $31.3 billion on May 21, overtaking BlackRock’s IBIT at $27 billion. The reversal comes after IBIT briefly surpassed Deribit in April for the first time since ETF options launched in November 2024.
A total of 80,535 contracts worth $6.25 billion are set to expire on Deribit on May 29. The $75,000 strike holds the largest put concentration at $394 million, while the $80,000 call strike dominates with $532 million.
Why the $75,000 max pain level is the number to watch
The put/call ratio of 0.86 reflects a modestly bullish market stance. With max pain sitting roughly $2,000 below Bitcoin’s current price near $77,000, a gravitational pull toward $75,000 remains a real risk heading into the May 29 settlement.
Max pain is the price level where option buyers lose the most and sellers profit the most. Market makers typically hedge toward this level as expiry approaches, which can act as a soft price magnet in the days before settlement.
Crypto.news has tracked the $75,000 level as a persistent battleground throughout 2026. The April expiry saw a similar dynamic, with heavy positioning around key strikes as settlement approached.
What the Deribit versus IBIT battle signals for Bitcoin markets
The swing back toward Deribit’s dominance reflects how quickly positioning can shift between regulated ETF options and crypto-native derivatives. IBIT options carry longer average maturities than Deribit contracts, pointing to different investor profiles between the two venues.
Traders piling into $82,000 call options ahead of May 29 suggest some participants are positioned for an upside breakout through the current call wall. Crypto.news has reported on how Bitcoin options expiry dynamics shape short-term price action.
Whether Bitcoin clears $80,000 or gravitates toward $75,000 will determine which side absorbs the larger loss at the May 29 settlement. The Bitcoin (BTC) price page tracks live movements as that expiry approaches.
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