Deribit Exchange Reports $3.6B Crypto Options Expiry, Signaling Bitcoin and Ethereum Volatility

The crypto market is bracing for increased volatility as $3.6 billion in Bitcoin and Ethereum options expire today. According to Deribit data, 27,500 BTC contracts (notional value $3 billion) and 237,000 ETH contracts ($600 million) will settle, with Bitcoin's max pain price at $106,000—a potential focal point for short-term price movements.

Traders show cautious sentiment through a 1.06 put-call ratio for BTC, though recent 24-hour activity indicates more bullish positioning at 0.54. Notable block trades include a 600 BTC strangle selling $110,000 calls and buying $105,000 puts—a hedging strategy typical of bull market profit protection.

Historical trends suggest post-expiry rallies often break key resistance levels. Market makers may orchestrate temporary dips toward max pain before any sustained upward momentum, presenting potential accumulation opportunities.