Around 81,700 Bitcoin options worth approximately $6.4 billion are set to expire on Deribit on Aug. 28 at 08:00 UTC, making the event one of the largest Bitcoin options expiries of recent months. The contracts comprise 44,639 calls and 37,061 puts, producing a put-to-call ratio of about 0.83 and signaling a generally bullish positioning, though it does not guarantee a price increase after settlement. Bitcoin is trading near $80,000, where significant options exposure is concentrated, including call notional values of about $236 million at the $75,000 strike and $157 million at $80,000. More than $500 million in options sits within 5% of the current price, leaving market-maker hedges particularly sensitive to price movements. Gamma hedging (adjusting positions as price sensitivity changes) could amplify a breakout or decline. The $68,000 max-pain level (theoretical price causing maximum option-holder losses) is not a reliable price target because it only partially reflects spot demand, ETF buying and changing dealer positioning. Traders are therefore focused on $68,000, $75,000 and the $80,000-to-$81,000 area. A move below $75,000 could increase selling pressure, while a sustained break above $80,000 to $81,000 could reinforce Bitcoin's bullish structure. Nearly 20% of Deribit's open Bitcoin options volume expires in this settlement, while expected volatility has recently risen.