Deribit Exchange Braces for $15.2B Bitcoin Options Expiry, Potential Volatility Ahead

Bitcoin maintains its bullish momentum in Q2 2025, recording a 30.2% gain since April. The cryptocurrency climbed from $104,544 to $107,370, briefly hitting cycle highs near $107K. April saw a 14.2% surge, followed by an 11.1% rise in May and a 2.6% increase so far in June.

Market focus shifts to Friday's $15.2 billion BTC options expiry on Deribit, representing 38% of the total $40 billion open interest. The max-pain price level may act as a magnet, with option sellers potentially influencing spot prices toward this threshold. Liquidity gaps below $105K could trigger sharp downward movements.

Despite the significant expiry, options data remains cautiously optimistic. The put/call ratio stands at 0.73, indicating more calls than puts. Traders anticipate potential volatility spikes as $15 billion in hedges unwind post-expiry.