Deribit's Bitcoin options open interest (OI) climbed to $31.3 billion on May 21, overtaking BlackRock's IBIT at $27 billion. According to Checkonchain data, the reversal comes after IBIT briefly surpassed Deribit in April for the first time since ETF options launched in November 2024.
$6.25B Expiry on May 29: Max Pain at $75K
A total of 80,535 contracts worth $6.25 billion are set to expire on Deribit on May 29. The $75,000 strike holds the largest put concentration at $394 million, while the $80,000 call strike dominates with $532 million. Maximum pain sits roughly $2,000 below Bitcoin's current price near $77,000, creating a gravitational pull toward $75,000 as settlement approaches.
The put/call ratio of 0.86 reflects a modestly bullish stance. Yet with max pain $2,000 below spot, market makers tend to hedge toward that level, posing a real downside risk for longs heading into the May 29 settlement.
What Deribit vs IBIT Signals for BTC Markets
The swing back to Deribit dominance shows how quickly positioning can shift between regulated ETF options and crypto-native derivatives. IBIT options carry longer average maturities than Deribit contracts, pointing to different investor profiles. Traders piling into $82,000 call options ahead of expiry suggest some are positioned for an upside breakout through the current call wall.
Crypto.news has tracked the $75,000 level as a persistent battleground throughout 2026. The April expiry saw a similar dynamic with heavy positioning around key strikes. Whether Bitcoin clears $80,000 or gravitates toward $75,000 will determine which side absorbs the larger loss at the May 29 settlement.