Deribit Exchange Faces $4.3 Billion Crypto Options Expiry Amid Volatility Surge

Crypto traders are preparing for increased market volatility as over $4.3 billion in Bitcoin and ethereum options approach expiration on Deribit exchange. The market faces a critical test with $3.5 billion in BTC contracts and $806.7 million in ETH contracts set to mature.

Bitcoin's 30,208 expiring contracts show bearish tendencies, indicated by a 1.23 Put-to-Call ratio. With BTC trading near $117,147, the $114,000 max pain level suggests potential downward pressure before stabilization. Ethereum presents a contrasting picture—its 177,398 contracts carry a neutral 0.99 PCR, while ETH's $4,590 price sits above the $4,500 pain point.

Market uncertainty persists following the Federal Reserve's recent rate decision. Analysts observe rising implied volatility amid declining trading volumes. Glassnode data reveals 95% of Bitcoin supply remains profitable, with futures markets showing signs of short squeezes.

The real test comes September 26 when $18 billion in bitcoin options expire—a record that could trigger dramatic price movements. With $2.4 billion in-the-money at $118,000 and max pain at $110,000, the stage is set for significant market activity.