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Traders Expect Bitcoin to Surge Toward $82,000 Ahead of Options Expiry
The Bitcoin options market is approaching a major expiry on May 29. Contracts worth approximately $6.25 billion are set to expire on Deribit, and current positioning already highlights the key levels for $BTC: $75,000, $80,000, and $82,000. These zones are now shaping the market’s short-term narrative.
On one hand, the max pain price sits near $75,000 — below Bitcoin’s current market price. On the other, traders are aggressively buying $82,000 call options, signaling expectations of an upward breakout before settlement day. This setup makes the coming week especially sensitive to price movements.
$6.25 Billion in Options Will Expire on Deribit
Ahead of the May 29 expiry, 80,535 Bitcoin option contracts are open on Deribit with a total notional value of around $6.25 billion. Of these, 43,184 are call options and 37,351 are puts. The put/call ratio stands at 0.86, indicating a moderate bullish bias.
This is not outright euphoria, but the market clearly does not look bearish either. Traders continue to position for upside while still maintaining meaningful hedging activity. As a result, the expiry could bring elevated volatility, especially if $BTC remains trapped between $75,000 and $82,000.
$75,000 Remains a Price Magnet
The main risk zone for buyers remains around $75,000. This is where max pain is concentrated — the level at which the largest number of options contracts would expire worthless. Bitcoin is currently trading roughly $2,000 above this area.
This gap creates a potential pull toward lower prices ahead of expiry. It does not guarantee that $BTC will fall to $75,000, but market makers and large traders often consider these levels when managing exposure, especially as settlement approaches.
The $75,000 strike also holds the largest concentration of put options, totaling roughly $394 million in notional value. If the market weakens, this area could quickly become the key defensive battleground.
$80,000 Calls Dominate the Bullish Side
On the bullish side, $80,000 remains the primary level to watch. It hosts the largest concentration of call options, with roughly $532 million in notional value. This suggests that many traders are expecting Bitcoin to reclaim the psychologically important $80,000 level.
The $80,000 area matters beyond the options market. It also acts as a threshold where traders may begin pricing in a broader continuation of recovery. If Bitcoin successfully breaks and holds above this zone, pressure on short sellers could intensify.
For now, however, $80,000 remains a significant barrier. Without stronger demand or improving macroeconomic conditions, a breakout may prove difficult.
Strongest Demand Has Shifted Toward $82,000
Top volatile instruments in the options market
The biggest development in recent trading sessions has been the surge in demand for $82,000 call options expiring on May 29. This instrument became the most actively traded contract on Deribit on Thursday.
According to market data, around 1,600 contracts worth approximately $126 million were traded through this strike. This suggests that some traders are positioning not merely for stability, but for a more aggressive upside move.
Such demand could amplify volatility closer to expiry. If $BTC starts approaching $80,000, buyers of the $82,000 calls may gain momentum, forcing market makers to hedge more aggressively.
Deribit Open Interest Has Surpassed IBIT
Another important signal came from total open interest on Deribit, which climbed to $31.3 billion — now exceeding the size of BlackRock’s IBIT spot Bitcoin ETF, valued at approximately $27 billion.
This highlights how large the Bitcoin derivatives market has become. Options are no longer a niche tool used only by professionals. They increasingly influence short-term price action, especially during major expiry weeks.
For the market, this means Bitcoin price movements are becoming driven not only by spot demand and ETF flows, but also by options positioning.
What Comes Next?
Until May 29, Bitcoin is likely to remain in a highly sensitive trading zone. If the price starts moving toward $80,000, the market could quickly shift focus to a potential test of $82,000. In that case, call positioning may accelerate short-term upside momentum.
However, if $BTC loses current support and moves closer to $75,000, the max pain effect could once again dominate trading dynamics. That scenario would likely trigger more defensive positioning ahead of expiry.
For now, the options structure remains moderately bullish, though far from decisive. Traders are clearly anticipating a breakout higher, but the $75,000 level still represents a major risk zone for buyers.
See also: "Bitcoin Price Forecast: BTC Momentum Weakens as Bears Target Key $76K Support"
