Deribit Exchange Sees $14B Bitcoin Options Expiry Amid $100K Price Speculation

A record $14 billion in Bitcoin options contracts are set to expire on Deribit, with open interest exceeding 141,000 BTC. The put-call ratio of 0.72 indicates bearish sentiment, but analysts warn against misinterpreting the market. "Much of the recent put activity reflects cash-secured strategies, not outright bearish bets," explains Lin Chen of Deribit. Traders are positioning to accumulate BTC at lower prices while earning premiums.

With 81,994 calls in play—many already in-the-money—bullish investors have benefited from this cycle's rally. Continued ETF inflows support the upward trend. The max pain point at $102,000 suggests potential volatility as call holders may cash out or roll positions. Market makers report neutral-to-bullish flows, with activity focused between $100K and $105K strikes.

Selective buying at higher strikes points to cautious Optimism beyond this week's expiry. While short-term volatility is expected, structural demand from ETFs and strategic positioning indicate the $100K psychological barrier remains achievable.