Deribit will see 81,700 Bitcoin options contracts expire on Friday at 16:00 Beijing time, with a notional value of about $6.4 billion. The batch includes 44,639 call options and 37,061 put options, giving a put/call ratio of 0.83 and indicating a bullish market bias. The maximum pain level is $68,000. Call open interest is concentrated at the $75,000 strike, with a notional value of $236 million, and at $80,000, with $157 million. Bitcoin has risen from about $62,000 to $80,000 over the past week, pushing many call options into the money. Deribit chief risk officer Shaun Fernando said nearly 20% of Deribit Bitcoin positions are set to expire, and sharp market swings could trigger more aggressive hedging and push prices around key strikes or accelerate a breakout.