On October 17, 2025, approximately $5.7 billion in cryptocurrency options are set to expire on the Deribit derivatives exchange, with $4.79 billion in Bitcoin (BTC) options and $990 million in Ethereum (ETH) options. This massive expiry comes amid heightened market volatility, driven by a recent US government shutdown and political uncertainty from tariff announcements.
The Put/Call Ratio for BTC options is 0.83, with a maximum pain point at $116,000, while for ETH, it's 0.81 with a max pain of $4,100. Current trading prices are below these levels, with BTC around $108,969 and ETH at $3,921, suggesting limited short-term upside potential.
According to Greekslive data, over $1.15 billion flowed into put options in the last 24 hours, accounting for 28% of total volume, as investors hedge against further declines. Bearish positions are concentrated in short-term options for BTC in the $104,000–$108,000 range, reflecting defensive sentiment.
Additional factors include the Selini Capital crisis, which resulted in a $50 million loss from a failed basis trade, and ongoing political volatility from the Trump administration's remarks. Market participants are eyeing key levels, with BTC support at $93,500 and a recovery threshold at $100,000, while the negative options skew indicates growing anxiety.
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