Deribit Exchange Data Reveals Traders Hedging $12B Bitcoin Options Expiry

Deribit exchange News - Nearly $12 billion in Bitcoin options are set to expire on August 29th, with traders actively hedging against potential downside risks. Deribit's data shows put-heavy positioning near $110K-$115K, indicating caution despite a Put/Call ratio of 0.88 that still favors bullish positions. The Max Pain level sits at $116K, which often acts as a price magnet in these situations. QCP Capital maintains a near-term bullish outlook, contrasting with the market's defensive stance. Bitcoin briefly touched $108.6K on August 26th after a whale shifted holdings to Ethereum, validating traders' hedge placements. September's price action may depend on this expiry event and Fed Chair Powell's Jackson Hole signals. The $108K-$106K range now emerges as critical support, with the market watching whether bulls can defend these levels.