Bitcoin Faces Volatility as $6.4B Options Expiry Looms

Bitcoin is heading towards a potentially volatile Friday as it approaches the expiry of 81,700 options contracts on Deribit, representing around $6.44 billion in notional value.

The event follows BTC's rapid climb from approximately $62,000 to $80,000 in one week, its second-largest weekly gain in several years.

With calls outnumbering puts 44,639 to 37,061, and the $75,000 and $80,000 strikes holding the largest call concentrations, market makers are facing unusually concentrated exposure around key strike prices.

Deribit Chief Risk Officer Shaun Fernando noted that nearly 20% of Bitcoin open interest on the exchange will expire, while several volatility indicators have shifted sharply during the past week.