Deribit Exchange Prepares for $4.9B Crypto Options Expiry: BTC and ETH Contracts in Focus

Approximately 35,000 Bitcoin options contracts, with a notional value of $4.1 billion, are set to expire on August 8. This event is smaller than last week's expiry, suggesting limited impact on spot markets, which have shown resilience following news of Donald Trump's endorsement of Bitcoin in pension plans.

The put/call ratio of 1.38 indicates a dominance of short contracts, with a max pain point at $115,000—$2,000 below current spot prices. Open interest peaks at $140,000, reflecting nearly $3 billion in contracts on Deribit, while $2.3 billion is concentrated at the $120,000 strike price as bullish traders position themselves.

Ethereum options add another $792 million to the expiry tally, with a put/call ratio of 1.06 and max pain at $3,600. Market sentiment remains mixed, with traders eyeing low volatility and the $112,000 strike level for Bitcoin.