Deribit Exchange Sees $9.5B in Crypto Options Expire Amid Volatility Warning
Cryptocurrency markets are bracing for a pivotal test as $8.3 billion in Bitcoin options and $1.2 billion in ethereum derivatives are set to expire on January 30. The event coincides with thinning liquidity and elevated leverage, creating conditions ripe for sudden price swings rather than sustained directional moves.
Bitcoin's struggle to hold above $90,000 reflects concentrated option positioning at the $85,000-$95,000 strike range on Deribit. With a put-to-call ratio of 0.54, traders maintain a bullish bias but are increasingly hedging against downside risk. Ethereum mirrors this tension, as open interest shifts toward options strategies amid fading spot momentum.
The expiry's max pain threshold NEAR $90,000 for BTC suggests deliberate price anchoring by market makers. Steady futures open interest indicates this isn't a broad deleveraging event, but rather a recalibration of risk exposure through derivatives.
