Traders pile $126M into $82K BTC calls as $6.25B Deribit expiry looms on May 29!

With 80,535 bitcoin contracts worth $6.25 billion set to settle on Deribit on May 29, the derivatives market is flashing a clear directional lean: traders are buying upside. The $82,000 call strike was Thursday's single most actively traded instrument, with roughly 1,600 contracts — approximately $126 million in notional — changing hands in a single session, a signal that the dominant positioning is for a breakout higher, not a retreat.

The structure underneath tells a more nuanced story. Max pain sits at $75,000, nearly 3% below current spot around $77,250, creating a gravitational pull that options market-makers will be managing into settlement. The $80,000 call strike holds the largest upside concentration at $532 million, while the $75,000 put strike anchors $394 million on the downside. The put/call ratio of 0.86 is modestly bullish but not euphoric.

Zooming out, Deribit's total…