Bitcoin is approaching a $6.32 billion Deribit options expiry on Aug. 28, with 78,595.86 contracts set to settle at 08:00 UTC. Calls represent $3.19 billion of notional value and puts $3.12 billion, producing a 0.49 put-to-call ratio. The contracts will settle in cash using a 30-minute time-weighted average of the relevant Deribit Index, while the $69,000 max-pain level sits well below Bitcoin’s approximately $80,631 price. Six hours later, Federal Reserve Chair Kevin Warsh is scheduled to deliver his first Jackson Hole keynote in that role, creating a second potential market catalyst. Separately, about $5 billion in notional IBIT options remain scheduled to expire on Sept. 18, centered on a $40 max-pain level.