$6.4 Billion in Bitcoin Options Set to Expire Friday, With $80,000 a Key Level

Bitcoin options worth $6.4 billion are due to expire on Friday.

BlockBeats reported on August 26 that about 81,700 Bitcoin option contracts on crypto derivatives exchange Deribit will expire at 5 p.m. Korea time on August 28.

That total includes about 44,600 call options and 37,100 put options. The put-to-call ratio is 0.83, showing call options outnumber put options as traders position for gains.

The biggest concentration of call options is at strike prices of $75,000 and $80,000. Open interest at those levels stands at $236 million and $157 million, respectively.

The notional value of option contracts within 5% above or below Bitcoin's current price exceeds $500 million. As expiry nears, market makers may increase gamma hedging by repeatedly buying and selling spot or futures positions to reduce risk.