Deribit's bitcoin open interest has reached $31.3 billion, surpassing BlackRock's IBIT at $27 billion. A total of 80,535 bitcoin options contracts worth $6.25 billion are set to expire on May 29. The $75,000 strike holds the largest put concentration at $394 million, while the $80,000 call strike dominates at $532 million. The max pain price is $75,000, which is about 2.9% below the current bitcoin price of $77,250. The put/call ratio of 0.86 indicates a modestly bullish sentiment, but the proximity to max pain suggests a gravitational pull toward that level. However, the most actively traded option on Thursday was the $82,000 call with 1,600 contracts, indicating some traders are positioning for a breakout above $80,000. Deribit's total open interest now stands at $31.3 billion, reflecting strong market participation.

Key facts

• Deribit BTC open interest reaches $31.3B, surpassing BlackRock's IBIT at $27B.
• May 29 expiry: 80,535 contracts worth $6.25B; max pain at $75,000.
• Largest put concentration at $75,000 ($394M), largest call at $80,000 ($532M).
• Put/call ratio 0.86; most active option is the $82,000 call.
• Bitcoin price at $77,250, 2.9% above max pain of $75,000.

KeyAudit data perspective