Deribit Exchange Reports $5B Bitcoin Options Expiry as Crypto Market Cap Hits $4T

The cryptocurrency market surged past $4 trillion in capitalization amid a pivotal week for regulatory developments and derivatives activity. Approximately 41,500 Bitcoin options contracts with a notional value of $5 billion will expire on July 18, though analysts suggest the event may have limited impact on spot markets that have shown resilience.

Washington delivered unexpected tailwinds as the House passed the GENIUS and CLARITY Acts by wide margins, sparking renewed institutional interest. Bitcoin retreated modestly from its Monday peak of $120,000 while ethereum broke out of a year-long consolidation pattern.

Deribit data reveals a put/call ratio of 0.69 for the expiring contracts, with maximum pain positioned at $113,000 - nearly 6% below current spot prices. Open interest remains heavily concentrated at $120,000 strikes, where over $2.3 billion in contracts await resolution.