Overview
- Roughly 81,700 Bitcoin options, about $6.4 billion notional, are set to expire on Deribit at 08:00 UTC on Friday, Aug. 28 and will remove or roll a large chunk of short‑term positioning.
- Calls outnumber puts in the August expiry with 44,639 calls versus 37,061 puts, producing a put‑to‑call ratio of 0.83 and concentrating significant exposure below and around spot.
- The largest call clusters sit at the $75,000 and $80,000 strikes, carrying about $236 million and $157 million in notional respectively, which makes those levels focal points for dealer behavior.
- Deribit’s chief risk officer said more than $500 million of notional sits within 5% of spot and warned that dealer gamma‑hedging could either pin price near heavy strikes or accelerate moves through them.
- The September book is substantially larger and skewed toward calls, leaving the low‑$70,000 band comparatively thinly protected and raising the risk that a sharp downside would meet little built‑in option support.