Bitcoin Traders Eye $80K Target as $8.6B Options Expiry Looms

Bitcoin traders are eyeing a potential rally toward $80,000 as a massive options expiry approaches. On Friday, options contracts worth approximately $8.6 billion in Bitcoin are set to expire, according to market data.

Options are derivative contracts that grant buyers the right—but not the obligation—to buy or sell Bitcoin at a predetermined price before expiration. When a large volume of options contracts expire, it can influence the price of the underlying asset as traders settle outstanding positions.

Traders Remain Cautious Despite Bullish Signals

Nathan Batchelor, a Bitcoin trader and managing partner at crypto trading data platform Biyond, told DL News that traders are not fully convinced by Bitcoin’s recent breakout above $75,000.

“If Bitcoin holds around the $77,000 to $78,000 area going into Friday, I would not be surprised to see an attempt towards $80,000,” Batchelor said. “Given that a large amount of options calls are stacked in this area.”

Calls are bullish options that profit if Bitcoin’s price rises, while puts are bearish bets that gain value if the price falls. Despite the bullish positioning, Batchelor noted that traders are also hedging aggressively, suggesting lingering uncertainty.

Market Makers Warn of Limited Upside

Antoine Lours, head of options trading at crypto market maker Keyrock, told DL News that market makers—who provide liquidity in the Bitcoin options market—are most exposed to bets centered around $80,000.

“With Bitcoin currently trading in the high-70s, the path of least resistance is for the price to remain anchored near $80,000,” Lours said. “Rather than drifting lower toward ‘max pain.’”

Max pain theory suggests that the price of an asset tends to move toward the level where the greatest number of options contracts expire worthless, minimizing payouts for option holders.

Lours also highlighted traders’ hesitancy toward a sustained Bitcoin rally. While near-term sentiment appears slightly bullish—evidenced by higher-than-normal call option demand and elevated prices for expiring options—demand for puts in May, June, and December expirations indicates skepticism about a long-term upward trend.

Upcoming Expiries Add to Market Focus

June is shaping up to be a significant month for Bitcoin traders, with options representing roughly $8.2 billion in Bitcoin set to expire. This figure is expected to rise as the expiry date approaches.

The broader crypto market has faced challenges in 2026, with Bitcoin starting the year near $88,000 before declining amid Federal Reserve policy uncertainty, macroeconomic concerns, and geopolitical tensions—including the US and Israel’s conflict with Iran, which has heightened energy market volatility.

Traders are now watching closely to see if Bitcoin can break out of its recent slump and reclaim its yearly high.