Bitcoin is approaching a major options settlement on Friday, with $6.44 billion in contracts set to expire after BTC’s sharp climb from roughly $62,000 to $80,000.

Deribit Metrics data show that about 81,700 Bitcoin options contracts will expire at 08:00 UTC Friday. Each contract represents 1 BTC, putting the total notional value at approximately $6.44 billion.

The expiry includes 44,639 call contracts and 37,061 puts, resulting in a put-to-call ratio of 0.83. The larger number of calls points to a relatively bullish positioning among options traders.

The biggest concentrations of call open interest are located at the $75,000 and $80,000 strikes. The $75,000 strike represents around $236 million in notional value, while the $80,000 strike has approximately $157 million.

$6.4B Expiry Could Influence Bitcoin’s Next Move

Bitcoin options give traders the ability to position for price movements or protect existing holdings without directly trading the cryptocurrency. Calls give buyers the right to purchase BTC at a set price, while puts provide the right to sell at a predetermined level.

Options buyers pay a premium for these rights and can use the contracts for either hedging or directional strategies.

Deribit Chief Risk Officer Shaun Fernando said the upcoming settlement warrants attention, noting that nearly 20% of Bitcoin’s open interest on the exchange is due to expire.

Several derivatives indicators have also changed significantly over the past week. Bitcoin’s volatility term structure has shifted from backwardation to contango, while the DVOL index has climbed around 30% on a relative basis. At the same time, call-put skew has moved from negative to positive.

Bitcoin’s powerful rally has placed many call options below $80,000 in the money, increasing the amount of risk that market makers must manage.

BTC advanced from approximately $62,000 to nearly $80,000 in just seven days, delivering one of its strongest weekly performances in years.

$500M in Options Near Current Price

More than $500 million in Bitcoin options notional value is concentrated within 5% of the current BTC price, Fernando said. This positioning could result in increased gamma hedging as expiration approaches.

Market makers hedge options exposure by buying or selling BTC as the underlying price changes. When substantial open interest is clustered around specific strikes, even modest price movements can require dealers to adjust their hedges rapidly.

Such activity can sometimes keep Bitcoin trading near a heavily concentrated strike, a phenomenon known as “pinning.”

The $80,000 level could therefore become a critical area heading into Friday’s settlement. If BTC stays close to $80,000, hedging activity could help stabilize prices around that level. But a decisive move through a major strike could force dealers to make larger adjustments, potentially accelerating the price action.

With billions of dollars in options expiring following Bitcoin’s rapid rally, traders could see elevated volatility and sharper intraday moves before the contracts settle.