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Bitcoin pinned between $75,000 and $80,000 before Deribit settlement

About 81,700 Bitcoin options, or $6.4 billion in notional, are set to settle on Deribit at 08:00 UTC on Aug. 28.

Reported · Written up by our desk · Market Structure

Bitcoin is trading in a narrow band, around $80,000 to $78,000, as derivatives positioning centers on two nearby option strikes that could influence dealer hedging into Friday’s expiry, CryptoSlate reports.

According to CryptoSlate, reported call-side open interest is concentrated at $75,000 and $80,000, with roughly $236 million and $157 million in notional at those strikes, together totaling about $393 million, or 6.1% of the roughly $6.44 billion expiry notional.

CryptoSlate also cites Deribit data showing about 81,700 one-Bitcoin contracts scheduled to settle at 08:00 UTC on Aug. 28, with a Deribit Bitcoin reference price near $78,514 during the refresh of options information.

The outlet notes that as options dealers adjust hedges near expiry, heavily populated strikes can act as pressure points that either dampen price moves or contribute to a break, and that calls outnumber puts in this expiry based on a 0.83 put-to-call ratio.

Latest closeBitcoin $78,800.07 ▲0.3%

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