Bitcoin (BTC) options worth approximately $7.9 billion are scheduled to expire on the Deribit exchange this Friday, April 20, 2026, creating a significant event that could influence price volatility. Market positioning data highlights $62,000 and $75,000 as the critical price levels to monitor.
According to data from Glassnode, the $75,000 strike price is where the majority of call option trading—representing bullish bets—has occurred. As of the report, around $395 million in call open interest is concentrated at this level. More critically, the "gamma exposure" at the $75,000 strike is deeply negative. This technical condition means that dealers' hedging activities are likely to amplify price movements around this level. In practice, as the price rises, dealers may be forced to buy more BTC, and as it falls, to sell more, thereby reinforcing the direction of the move and creating a zone of heightened volatility.
On the downside, the largest concentration of put open interest, which serves as downside protection, sits at the $62,000 strike, with roughly $330 million in contracts. Between these two extremes lies the "max pain" point at $71,000. This is the price at which the largest number of options contracts would expire worthless on settlement day, and it can act as a magnetic level heading into the expiry, though it is subject to change based on price action and shifting open interest.
The current market setup differs from March, when Bitcoin traded below the max pain level. Now, with the market sitting above it, the focus is on whether Bitcoin can sustain its recent gains. Adding to the potential for upward movement, funding rates in perpetual futures markets have remained negative, indicating a buildup of short positions. This sets the stage for a potential short squeeze if prices hold higher, as bears may be forced to cover their positions, adding fuel to any positive momentum.
In a notable comparison, data from Checkonchain shows that Deribit now holds around $31 billion in total open interest across its options market. This figure surpasses even the assets under management of BlackRock's spot Bitcoin ETF (IBIT), which stands near $28 billion, underscoring the immense scale of the derivatives activity centered on this exchange.
