Deribit Exchange Prepares for $11.7B Bitcoin and Ethereum Options Expiry Amid Market Volatility

Bitcoin and ethereum markets are gearing up for increased volatility as $11.7 billion in monthly options expire on Deribit. The notional value—$10.03 billion for BTC and $1.67 billion for ETH—represents the highest open interest since early 2025, though it remains below projected levels for the quarterly expiry in June.

Call options are concentrated at strikes above $100,000 for Bitcoin and $2,300 for Ethereum, indicating lingering bullish sentiment despite cautious market positioning. Max pain points suggest potential price pressure around these levels during settlement.

Deribit’s data shows a put/call ratio of 0.87 for BTC and 0.83 for ETH, reflecting balanced yet tentative market expectations. The exchange highlights directional uncertainty as traders either close positions or roll contracts forward.