Approximately 81,700 Bitcoin options will expire this Friday at 16:00 Beijing time on Deribit, with a nominal value of about $6.44 billion, potentially amplifying market volatility. Among them, there are about 44,600 call options and about 37,100 put options, with a Put/Call ratio of 0.83, indicating an overall bullish sentiment.

The current most concentrated strike prices for call options are $75,000 and $80,000, corresponding to an open interest nominal value of approximately $236 million and $157 million, respectively. Deribit’s Chief Risk Officer stated that Bitcoin rapidly rose from about $62,000 to $80,000 over the past week, with a large number of call options entering the in-the-money range, putting higher hedging pressure on market makers. Currently, the nominal value of options within a 5% range of the current price exceeds $500 million, and as expiration approaches, this may trigger more frequent Gamma hedging, leading to a “pinning” effect near key strike prices or accelerating volatility after breaking through critical price levels.