Deribit Exchange Reports $4.6B Crypto Options Expiry as Bitcoin Tests New ATH

Today marks the expiration of $4 billion in Bitcoin options, with a put/call ratio of 0.94 showing marginally more calls than puts. The max pain point sits at $107,000—below current spot prices—potentially triggering losses for some contracts. Open interest peaks at $120,000, reflecting strong bullish positioning as traders target higher strikes.

Spot markets remain resilient this week despite the large expiry event. Bitcoin's recent all-time high and entry into price discovery mode highlight sustained bullish momentum, further supported by macro developments like recent US tariff policies.

Deribit data reveals $4.6 billion in total crypto options expiring today, including $3.99 billion in Bitcoin contracts. ethereum options follow with $609 million, displaying a more balanced put/call ratio of 1.04. Market makers' gamma exposure near $110,000 may drive short-term volatility.