🚀 Bitcoin Options Frenzy: Deribit Records Historic $155K Put Bet as Bulls Clash With Bears

Deribit just became the battleground for crypto's biggest options showdown—someone's betting six figures Bitcoin won't moon.

The whale play shaking derivatives markets

A single trader dropped the largest Bitcoin put option in Deribit's history, locking in a $155,000 strike price. Either this is a hedge against the apocalypse—or somebody thinks the 'digital gold' narrative is about to tarnish.

Volatility ahead?

With Bitcoin hovering near all-time highs, the move signals growing institutional sophistication... or that Wall Street's 'risk management' playbook now includes praying for crypto winters. Either way, liquidity just got deeper for traders who think they're smarter than the market (good luck with that).

Fun fact: The last time someone made a bet this bold, Bitcoin did the exact opposite of what they predicted—because of course it did.

Bitcoin (BTC USD) price fell below the $115,000 level amid the ongoing crypto market crash. Traders look for cues as another massive crypto options expiry valued at over $15.5 billion approaches.

Interestingly, the largest-ever Bitcoin put option was placed on the derivatives crypto exchange Deribit. Will Bitcoin and Ethereum prices continue to fall or investors start to buy the dip?

$15.5 Billion in BTC and ETH to Expire Today

According to Deribit, the crypto market faces “another big expiry and another big test.” Last month’s H1 expiry was $17 billion, with the July 25 monthly expiry not far behind in value.

Over $15.5 billion in BTC USD and ETH options expiring today. This indicates that traders continue to bet big in the crypto market.

103K BTC options with a notional value of more than $12.66 billion to expire on Friday on Deribit. The put-call ratio was 0.93, suggesting a bearish sentiment among traders.

Moreover, the max pain price was $112,000, lower than the market price of $115,300 at the time of writing. This implied a high chance of a further pullback in BTC price, with traders adjusting their positions amid intense volatility.

However, the 24-hour put volume was lower than the 24-hour call volume. The put-call ratio was 0.58, indicating some traders had already liquidated their positions and were buying more call options.

In contrast, 733K ETH options with a notional value of almost $2.75 billion are set to expire, with a put-call ratio of 0.87. Also, the max pain point was $2,900 at the time of writing.

Max pain price lower than market price and a mildly higher put-call ratio suggest slightly bearish sentiment for Ethereum. ETH price rebounded as investors moved to buy the dip.

In the last 24 hours, put volume was lower than the call volume, with a put-call ratio of 0.76. This suggested a rebound in ETH price expected by traders.

Bitcoin (BTC USD) Price to Fall Below $110,000?

The largest USD notional single-leg block trade in Deribit history was placed, as per data. Notably, an entity, likely an institution, placed $600 million Bitcoin put option position targeting a move below $110,000 by August 8, 2025.

As The Coin Republic reported, Bitcoin price will fall to $115K as CME gap between $115,625-$114,305 remained unfilled.

Typically, traders adjust their positions according to CME gap and bitcoin price fills this gap before continuing its upside momentum.

The CME gap was partially filled today. But if traders turned bearish in line with the largest sell bet on Deribit, BTC USD price may drop to $112,000.

Whales were getting liquidated, shorting bitcoin price. Lookonchain reported AguilaTrades whale was liquidated again for 720 BTC worth $83.3 million. It has a floating loss of $4 million, down again to $37 million.

Bitcoin CVD was also going down, which warned a potential drop in BTC USD price. And, it was still in red at the time of writing.