As traders prepare for the May 29 expiration of $6.25 billion in bitcoin options, attention is heavily focused on the $82,000 call options. Currently, 80,535 contracts are set to settle on Deribit, with the $75,000 strike holding the largest put concentration at $394 million in notional value. Meanwhile, the $80,000 call strike dominates the upside with $532 million. The put/call ratio stands at 0.86, reflecting a modestly bullish sentiment, although the max pain price is positioned at $75,000, which is about 3% below the current trading price of $77,250. This suggests a potential gravitational pull towards $75,000 as the expiration date approaches. Notably, the BTC 29MAY26 $82,000 call was the most actively traded option recently, with 1,600 contracts worth $126 million changing hands, indicating traders are betting on a breakout higher. Overall, Deribit’s open interest has surged to $31.3 billion, overtaking BlackRock's IBIT at $27 billion, showcasing a significant shift in market dynamics.