Bitcoin eyes $6.4 billion options expiry on 'choppy' Friday

Bitcoin (BTC) options worth $6.4 billion on the crypto derivatives exchange Deribit are set to expire on Friday at 08:00 UTC. 🚨 [Bitcoin (BTC)] Impact: 8/10 A massive $6.4 billion bitcoin options expiry on Friday could amplify volatility 🔗 Join our Telegram for full coverage:https://t.co/rQYbevTEWYpic.twitter.com/4HiAumLo8P — @CryptoMainly (@CryptoMainly) August 26, 2026 On Aug. 28, a total of 81,700 Bitcoin options—44,639 call and 37,061 put contracts—worth approximately $6.44 billion in notional value will expire, according to Deribit Metrics. As the put-to-call ratio is 0.83, it translates to bullish positioning in the market. Related: Cathie Wood bets on 'disrupter' stock with bullish analyst call Understanding Bitcoin options expiry An option is a contract that gives a trader the right, but not the obligation, to buy or sell Bitcoin at a predetermined price called the strike price. While the call option gives traders the right to buy Bitcoin at the strike price, the put option gives them the right to sell BTC at the strike price. Suppose a trader has a call option with a strike price of $65,000 and an upfront premium of $2,000, which will expire on Aug. 28. If Bitcoin is trading at $70,000 that day, the trader can buy it for $65,000. While one Bitcoin cost everyone $70,000, the options trader eventually paid only $67,000 for it. But if Bitcoin is trading at $60,000 that day, it would be better to buy it at the market price and skip the option. Such options get expired. When Bitcoin options worth billions of dollars get expired on a single day, traders pay close attention to metrics. The open interest reveals how many contracts are still outstanding. The put/call ratio reveals where traders were bullish or bearish on Bitcoin. Traders observe the "max pain" metric to spot the price where option buyers collectively experience the most losses. So, the expiry of Bitcoin options worth $6.4 billion on Deribit this Friday could lead to volatility because market makers and other traders may adjust their positions. The strike price of $75,000 holds the largest call open interest, with $236 million in notional value. The second-largest call open interest is at the $80,000 strike with $157 million in notional value. Most Popular on TheStreet Roundtable: Analyst raises MicroStrategy price target by 35% 157-year-old Wall Street giant has a new call on Coinbase and Robinhood Top analyst spots a rare window for Bitcoin buyers Expert says expiry weeks 'sound scarier' than they are New Market Trading founder and CEO Frank Hepworth told TheStreet Roundtablethat expiry weeks "always sound scarier than they are." Of the Bitcoin contracts expiring this Friday, 62% are worthless and September's expiry is nearly twice the size, he added.