Bitcoin (BTC) is entering an options expiry session worth over $6B on Aug. 28, 2026, as BTC prices have just recovered to around $80,000. Deribit data on Aug. 27 shows that the volume of BTC options expiring that day has a nominal value of about $6.24B, with settlement scheduled for 08:00 UTC. The event is being closely watched as it occurs when BTC approaches the $81K-$86K supply zone, which could decide whether the recent recovery continues, stalls around major strikes, or triggers a stronger wave of volatility.
Deribit Expiry Puts $80K in Focus
The BTC options expiry for Aug. 28 on Deribit records a total open interest of 77,511 BTC, equivalent to approximately $6.239B in nominal value. Call open interest reached 39,154 BTC, only slightly higher than put open interest at 38,356 BTC, bringing the put/call OI ratio to 0.98.
Bitcoin options open interest by strike price for the Aug. 28 expiry. Source: Deribit
Options positions are almost evenly split between the two sides ahead of settlement, while BTC is trading around $80,000. The max pain price for this expiry sits at $69,000, significantly lower than spot, putting even more attention on the expiry session following BTC’s strong surge during the week.
With over $6B in options expiring in the same session, price volatility around $80K could be more sensitive than usual as traders settle or adjust positions before expiry. This is also why Deribit data is being closely monitored, especially as BTC has just returned to its highest price level since the beginning of the month.
A Rally Built on Short Covering and ETF Demand
BTC recovered to the $80,000 region after the derivatives market recorded a strong wave of short covering from the mid-August low. The rally took place right before the over $6B in options expired on Deribit, making positions around the $80K level a short-term focal point.
Futures open interest did not overheat during the recovery, while perpetual futures funding rates remained near neutral levels. This price action suggests that the initial push came largely from the closing of short positions rather than a new wave of leveraged long entries.
In the spot market, inflows into U.S. spot Bitcoin ETFs continue to be a supportive factor to watch post-expiry. If inflows persist while BTC holds the $80K region, the recovery will have a stronger foundation compared to a rally driven purely by derivatives.
The $81K-$86K Supply Wall Is the Real Test
In the Week On-chain report dated Aug. 26, Glassnode analyst Frederik Theissen identified $81K-$86K as BTC’s next major supply cluster, with $83.3K serving as an important short-term confirmation level. BTC is currently trading around $80K, not far from this zone following a strong recovery from mid-August.
The $81K-$86K region concentrates supply above the current price, consisting of holder positions that could sell as BTC approaches breakeven or profit zones. The report also noted that sell orders placed above the current price increased during the final days of the squeeze, while buy-side depth remained thinner.
If BTC holds the $80K region after expiry and continues to close above $83.3K, the market could shift its focus to the upper bound of the $81K-$86K range. Conversely, a weak reaction in this area would make the post-short-squeeze recovery more prone to stalling.
What Happens After Expiry
After settlement, the focus will shift from the scale of over $6B in expiring options to BTC’s reaction around $80K. If prices hold this region and volatility cools down, the expiry session could be viewed as a passed test for the recent recovery.
A stronger move will require further confirmation from spot prices and ETF inflows. Stable closes above $83.3K, combined with continued inflows into U.S. spot Bitcoin ETFs, would bolster the likelihood of BTC extending gains following the mid-August short squeeze.
Conversely, a weak post-expiry reaction will shift attention back to the $70K level, the short-term holder cost basis highlighted by Glassnode in its Week On-chain report. A breakdown below this level would make the recovery less convincing, especially if ETF inflows stall.
The Aug. 28 expiry session thus represents the intersection of derivatives, spot inflows, and overhead market supply structure. With BTC trading around $80K, how price reacts post-expiry will determine whether the recent rally has enough momentum to break through the next resistance zone or simply halts as short-covering pressure fades.
