Deribit Exchange Sees $8.05B in BTC & ETH Options Expire, Market Braces for Volatility

The cryptocurrency market faces potential turbulence as $8.05 billion worth of Bitcoin and Ethereum options contracts expire today. Deribit data reveals $7.24 billion in BTC options and $808 million in ETH options are set to mature, forcing traders to adjust positions—a process often accompanied by sharp price movements.

Bitcoin’s put-to-call ratio of 0.56 indicates bullish sentiment, with call options outweighing puts. Ethereum shows more balanced positioning at a 1.01 ratio. Notably, BTC currently trades above its $86,000 maximum pain point, while ETH hovers near its $1,900 threshold.

Market makers typically hedge around these expirations, creating cascading liquidity effects. The concentration of open interest at specific strike prices amplifies the potential for short-term volatility as traders roll positions or take delivery.