About 81,700 Bitcoin options contracts on Deribit, with a notional value of roughly $6.4 billion, are scheduled to expire Friday at 08:00 UTC. Calls outnumber puts, producing a put-to-call ratio of 0.83, while the maximum-pain level is $68,000. Calls at the $80,000 strike represent $157 million in notional value, and the $75,000 strike has the largest call open interest at $236 million. Deribit Chief Risk Officer Shaun Fernando said nearly 20% of Deribit’s Bitcoin open interest is approaching expiry amid sharp market volatility, a shift in the volatility term structure from backwardation to contango, a 30% relative rise in DVOL and a change in call-put skew from negative to positive. He described it as a "notable expiry." Bitcoin has surged from about $62,000 to $80,000 in a week, its second-largest weekly gain in several years, putting many calls with strikes below $80,000 in the money. More than $500 million in notional value lies within 5% of the current price, potentially increasing gamma hedging (options-related exposure management) before expiry. Such dynamic hedging by market makers could pin Bitcoin near major strikes such as $80,000 or accelerate a move through them, potentially triggering a larger market move after a decisive break.