Bitcoin Faces $13.3 Billion Options Expiry This Friday — Price Remains Far Below Max Pain Level

Bitcoin is once again in the spotlight as the options market braces for a major monthly expiry. After a sharp sell-off, BTC is trading far below the critical level where option sellers suffer the least — raising concerns of continued volatility.

What’s happening? Following a steep drop to $81,000, Bitcoin has slightly recovered — trading at around $87,200 on Tuesday morning. However, it remains well below the “max pain” level of $102,000 — the strike price at which the majority of options would expire worthless, minimizing losses for sellers. This gap increases market tension ahead of Friday’s expiry on Deribit, where a total of 153,778 BTC options are set to expire:

🔹 92,692 BTC in call options (bullish bets)

🔹 61,086 BTC in put options (downside protection) Although calls still dominate, the increase in puts shows growing demand for protection amid fear of further declines.

Key levels and risks The largest cluster of open interest is at the $80,000 strike — forming a strong bearish zone. On the other hand, many call options are set above $120,000, which are now far out of reach. Over $10 billion (74%) of contracts are currently out of the moneyOnly $3.4 billion (26%) are in the money This highlights how most traders bet on a broader price move — and how far the market has drifted from optimistic strike levels.

What’s next? Market sentiment remains fragile. The Fear and Greed Index has fallen again, and the growing demand for put options shows traders are bracing for more turbulence. As Friday approaches, price action is expected to remain volatile as market makers adjust their hedging around key strikes.

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