Deribit Exchange Options Expiration Amplifies Crypto Market Volatility

Deribit exchange News - The cryptocurrency market has shed $162 billion in value over the past 24 hours, with Bitcoin falling below $110,000 and Ethereum, Solana, XRP, and Dogecoin each dropping nearly 5%. The sell-off reflects a combination of leveraged liquidations, profit-taking, and macroeconomic uncertainty. Spot and derivatives markets faced heavy pressure as Bitcoin and Ethereum ETFs recorded $1.27 billion in outflows, breaking a multi-week inflow streak. Institutional rebalancing and regulatory ambiguity likely triggered the rotation. Volatility spiked further with $22.3 billion in quarterly options expiring on Deribit. Large traders pushed prices toward 'max pain' levels—$110,000 for Bitcoin and $3,800 for Ethereum—exacerbating downward momentum as smaller participants panicked.