Deribit Exchange Data Reveals $4.3 Billion Crypto Options Expiry With Bearish Bitcoin Skew

Bitcoin's rally above $117,600—its highest level in a month—masks underlying turbulence. Analysts warn of potential market upheaval as $4.9 trillion in stock and ETF options expire today, a figure that dwarfs crypto's total $4 trillion market cap.

Deribit exchange data shows $4.3 billion in BTC and ETH options expiring simultaneously, with Bitcoin's $3.5 billion notional exposure displaying a bearish skew (put/call ratio: 1.23). Maximum pain sits at $114,000, suggesting potential violent price swings before settlement.

Historical patterns amplify concerns. March 2025's similar expiry preceded a three-week crash, while June 2025 saw BTC stagnate before breaking below $100,000. With Leveraged positions accumulating, traders are preparing for potential déjà vu market movements.