Approximately 81,700 Bitcoin options contracts worth $6.4 billion are scheduled to expire on Deribit on August 28 at 08:00 UTC, with concentrated call strikes at $75,000 and $80,000 that may shape dealer hedging behavior as expiry approaches.
Bitcoin is currently trading between $78,000 and $80,000. The put-to-call ratio stands at 0.83, indicating calls outnumber puts. Call concentrations at $75,000 and $80,000 strikes represent $393 million in combined notional value, or 6.1% of the total $6.44 billion expiry.
The $75,000 strike carries $236 million in notional value. The $80,000 strike accounts for $157 million. Together, these two strikes represent the largest concentration of call open interest in the expiry, with an additional $500 million in notional value distributed near these price levels.
Dealer Hedging Dynamics
Dealer hedging adjustments become more responsive near heavily populated strikes as expiry approaches. Dealers may trade to keep Bitcoin price near a strike or reinforce a break depending on their positioning. The mechanism by which dealer gamma positioning influences price movement depends on whether dealers are net long or net short the underlying exposure, but net dealer gamma positioning remains unclear from available data.
Traders use calls in spreads, covered positions, and volatility strategies, meaning the expiry may trigger rehedging across multiple strategy types rather than a single directional move.
Monthly Expiry Schedule
Deribit’s monthly expiry is fixed at 08:00 UTC on the last Friday of each month. The August 28 expiry is the standard settlement event for the platform’s monthly derivatives cycle.
The $80,000 strike represents the nearest pressure point above current price levels, while $75,000 is the lower concentration. The distribution of open interest across these strikes and surrounding price levels will influence which dealers need to adjust hedges and in which direction as expiry nears.
