Deribit’s Bitcoin options open interest rose to $31.3 billion on May 21, surpassing BlackRock’s iShares Bitcoin Trust (IBIT) at $27 billion, ahead of a $6.25 billion Bitcoin options expiry on May 29. The expiry covers 80,535 contracts, including 43,184 calls and 37,351 puts, for a put/call ratio of 0.86. Bitcoin was trading near $77,250, the max pain level stood at $75,000, and the largest put and call positioning was clustered at $75,000 and $80,000 respectively, underscoring the scale of derivatives activity and the market’s focus on nearby strike levels.