Bitcoin Faces $6.4B Options Expiry Event on Friday

Bitcoin traders are bracing for a significant options expiry event on Friday, August 28. Approximately $6.44 billion in BTC options will expire at 08:00 UTC on Deribit's platform, with calls totaling 44,639 contracts versus 37,061 puts.

The put-to-call ratio is 0.83, indicating that calls outnumber puts. However, this does not necessarily mean traders expect Bitcoin to rise, as some call positions may be part of market-neutral strategies or volatility trades.

The $75,000 strike holds the largest reported call concentration, with approximately $236 million in notional value. The $80,000 call strike follows with about $157 million.

Deribit's Chief Risk Officer Shaun Fernando said that more than $500 million of notional value lies within 5% of Bitcoin's market price. He noted that this concentration may result in increased gamma hedging, which can either restrain Bitcoin near a major strike or add momentum when the price moves decisively through it.