Deribit Exchange Faces $3.5B Crypto Options Expiry as Ethereum Shows Bullish Signals

Today marks a pivotal moment for crypto derivatives as $3.5 billion in Bitcoin and ethereum options expire on Deribit. Bitcoin contracts dominate with 27,959 lots worth $2.9 billion, while Ethereum follows with 246,849 contracts valued at $617 million. Market positioning reveals stark contrasts: Bitcoin traders lean bullish with a put-call ratio of 0.91, whereas Ethereum''s 1.14 ratio signals defensive hedging against potential downside.

The maximum pain point—where most option holders face losses—sits at $106,500 for BTC, slightly above current prices, and $2,650 for ETH. These expirations coincide with geopolitical turbulence, potentially amplifying volatility. Notably, Ethereum''s elevated put activity suggests institutional players are bracing for turbulence despite recent upside flows.