Deribit Exchange Sees $15.4B Options Expiry as Bitcoin Plunges to $115K

Bitcoin dropped below $115,000 during Friday's Asian trading session as a wave of long position liquidations hit crypto derivatives markets. The selloff intensified as July's monthly options expiry approached, with Deribit data revealing $15.4 billion in BTC and ETH contracts set to settle.

Max pain thresholds at $112,000 for BTC and $2,800 for ETH created downward pressure on spot prices. Market makers' delta hedging strategies worsened the decline, especially in the critical hours before settlement. The liquidation wave wiped out nearly 20% of Bitcoin's July gains in under 48 hours.

Derivatives traders now face renewed volatility as open interest reshuffles post-expiry. While some analysts see the dip as a buying opportunity, order book depth indicates fragility NEAR current support levels. The market remains highly sensitive to large option positions, with Deribit handling over 85% of global crypto options volume.