Key Takeaways:
Bitcoin futures OI across all exchanges reaches $54.94B, with CME holding 16.97% at $9.33B.Options calls lead puts 56.79% to 43.21% on Deribit, signaling modest bullish positioning on May 25.Max pain for the May 29 Deribit expiry sits near $76K–$79K with spot at $77,343 in range.Statistics show a significant trough in February 2026 before a measured recovery that brought OI back into the $55–$65 billion range alongside a spot price recovery toward $80,000. The current level sits roughly $30 billion below the cycle peak, even as price has reclaimed the mid-$70s range.
CME Bitcoin Options Remain Put-Heavy, Max Pain Converges Around May 29 ExpiryWith spot at $77,343 and max pain sitting right in that zone heading into the May 29 expiry, options writers have reason to hold steady. Whether that gravitational pull holds through Thursday, or whether a catalyst breaks the range and forces a scramble, is the question traders are pricing into every call and put on the tape.
