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Bitcoin is trading in the $78,000 to $80,000 range, facing two option strikes that could influence dealer hedging activity through Friday.
Reported call exposure at the $75,000 and $80,000 levels creates a scenario where these positions may either dampen Bitcoin’s next move or provide force for a breakout.
Roughly 81,700 Bitcoin options, representing approximately $6.4 billion in notional value, are scheduled to settle on Deribit at 08:00 UTC on Aug. 28.
A refresh of Deribit’s BTC options data placed the Bitcoin reference price near $78,514. Applied to 81,700 one-Bitcoin contracts, this results in approximately $6.415 billion in notional value.
The $75,000 call strike carried about $236 million in reported notional, while the $80,000 call strike held about $157 million. These call-side open-interest concentrations amount to a combined $393 million, or 6.1% of the reported $6.44 billion expiry.
Deribit data shows 81,700 Bitcoin options contracts expiring on Aug. 28, with more than $500 million concentrated near the $75,000 and $80,000 call strikes.
The Bitcoin hedge path can split two ways
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Options dealers adjust their hedges as Bitcoin moves and an option’s sensitivity to the underlying price changes. Near expiry, these adjustments can become more responsive around heavily populated strikes.
Dealers positioned in one way may trade against a move, helping to keep the price near a strike. A different net position may require trades that reinforce a break and accelerate it.
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Dealer-side positioning needed to calculate net gamma remains less visible, leaving pinning and acceleration as conditional scenarios. The 0.83 put-to-call ratio similarly shows that calls outnumber puts in this expiry.
Traders also use calls in spreads, covered positions, and volatility strategies, so the ratio describes inventory more clearly than sentiment.
The official Deribit schedule fixes monthly expiry at 08:00 UTC on the last Friday of the month. With Bitcoin between the highlighted strikes during the research window, $80,000 is the nearest pressure point and $75,000 is the lower concentration.
A decisive move through one of these levels could demand faster hedge changes. Friday’s settlement ends the shared deadline and removes or rolls the expiring positions, making the price response around those two levels the cleaner signal.
