Bitcoin welcomed a $6.4 billion options expiration on Friday, with $80,000 being a key battleground for longs and shorts.

BlockBeats News, August 26th, around 81,700 bitcoins' worth of options are set to expire on Friday at 16:00 Beijing time on Deribit, with a notional value of around $6.44 billion, potentially amplifying market volatility. Among them, there are approximately 44,600 call options and 37,100 put options, resulting in a Put/Call ratio of 0.83, indicating an overall bullish sentiment. The most concentrated call options currently have a strike price of $75,000 and $80,000, with respective outstanding notional values of around $2.36 billion and $1.57 billion.

Deribit's Chief Risk Officer stated that over the past week, Bitcoin surged from around $62,000 to $80,000 rapidly, causing a large number of call options to move into the money, putting market makers under increased hedging pressure. Currently, call options with a notional value of over $500 million within a 5% range of the current price may trigger more frequent Gamma hedging as the expiration approaches, potentially leading to a "pinning" effect near key strike prices or accelerated volatility after breaking through critical levels.