Deribit Exchange Prepares for Record $17B Crypto Options Expiry in 2025

The cryptocurrency market is gearing up for significant volatility as Deribit gets ready to settle over $17 billion in Bitcoin and Ethereum options contracts—marking the largest quarterly expiration event of 2025. Bitcoin leads with 139,000 contracts ($15B notional) and a put/call ratio of 0.74, while Ethereum follows with 939,000 contracts ($2.3B notional) and a stronger bullish bias at 0.52.

Current prices are well above max pain levels—BTC is trading at $107,555 compared to the $102,000 pain point, and ETH at $2,452 versus $2,200. This surpasses April's $8.05B expiry and highlights aggressive positioning by institutional traders ahead of Q3.

The skewed put/call ratios indicate market makers expect upward momentum, though the massive scale of expiring contracts could lead to liquidity shocks. Deribit's data shows open interest surged 310% for BTC and 318% for ETH week-over-week, setting the stage for intense price discovery.