Bitcoin Options Expiry Hits $15.9 Billion with Call-Heavy Bias

Deribit settles $15.9 billion in Bitcoin options on Friday. This event removes a major source of dealer buying pressure. The market faces immediate volatility shifts.

The expiry shaves 37% off total open interest. Call positions dominate the book with a 0.69 ratio. Traders built these positions expecting higher prices.

Dealer hedging drives price support

Dealer hedging amplified the rally toward $87,000. This activity created artificial buying pressure. Settlement removes this structural support mechanism.

Maximum pain sits at $75,000 for Bitcoin. Spot trades near $85,500 currently. Deribit calls this level a soft magnet for price action.

Strike distribution defines price floors

Open interest concentrates heavily at the $70,000 strike. These calls are deep in the money. Put positions remain mostly out of the money.

Defensive put structures anchor support at $60,000 and $70,000. Large call blocks sit at $85,000 and $100,000. These layers create a multi-tiered support floor.

Market structure shifts post settlement

CoinDesk reports this is one of the year's largest expiries. The call-heavy book implies bullish positioning. Settlement resets the baseline for dealer flows.

Fifty-five percent of call notional is in the money. Roughly one-third of the total book holds value. Puts offer little intrinsic value currently.