𝗗𝗲𝗿𝗶𝗯𝗶𝘁 𝗝𝘂𝘀𝘁 𝗢𝘂𝘁𝘀𝗶𝘇𝗲𝗱 𝗕𝗹𝗮𝗰𝗸𝗥𝗼𝗰𝗸 $6.25B in BTC options expire May 29, and Deribit's open interest just overtook IBIT's AUM. That's derivatives traders, not ETF allocators, setting the price narrative now. Max pain sits at $75K. The call wall is stacked at $80K-$82K. That $7K gap is where market makers earn their keep — or get carried out. Every automated liquidation engine, every order book algo running between spot and perps, is positioning around that spread right now. The real tell isn't the notional OI. It's where the gamma exposure flips. If BTC drifts toward $75K into expiry, dealers hedging short gamma will accelerate the move down. If it punches through $80K early, the same mechanics push it higher as dealers buy spot to stay neutral. Most people watch the price. The traders who survive watch the Greeks. Which side of the gamma flip are you positioned for — $75K gravity or an $82K squeeze?