Deribit Exchange Braces for $4.8B Bitcoin Options Expiry Amid Bearish Sentiment

Approximately 44,000 Bitcoin options contracts, valued at $4.8 billion, are set to expire today. Despite the sizable expiry, spot markets are unlikely to see significant impact, continuing their downward trend this week. The put/call ratio of 0.83 indicates slightly more long contracts expiring, with max pain around $116,000.

Open interest remains concentrated at higher strike prices, with $140,000 leading at $2.2 billion on Deribit. Short sellers have targeted lower levels, with $110k, $108k, and $95k seeing over $1.3 billion in open interest each. Total BTC options OI across exchanges nears an all-time high at $61 billion.

Market sentiment has turned increasingly bearish as skew deepens into negative territory. Demand for downside protection rises, reflecting growing caution among traders. The macroeconomic backdrop—marked by US government shutdown risks and trade tensions—contrasts with the longer-term bullish case for crypto fueled by anticipated liquidity injections and rate cuts.