A major batch of Bitcoin options contracts with a notional value of approximately $1.59 billion is set to expire today at 8:00 a.m. UTC, according to data from crypto derivatives exchange Deribit. The event is one of the largest single-day options expiries this month, drawing attention from traders who anticipate potential price swings.
The put/call ratio for the expiring Bitcoin options stands at 0.74, signaling that call options—bullish bets—outnumber puts. A ratio below 1.0 indicates optimism among options traders. The max pain price for Bitcoin is pinned at $79,500, the level where the largest number of contracts would expire worthless. Market makers often hedge toward max pain as expiration nears, making it a key magnet for spot prices.
Simultaneously, Ethereum options worth about $410 million will also expire. The ETH put/call ratio is 0.94, reflecting a slightly bullish but more balanced sentiment, with a max pain price of $2,350. The combined expiry could amplify intraday volatility, particularly if spot prices deviate from these critical levels.
Open interest data from Deribit shows heavy concentration around the $80,000 and $85,000 strikes for Bitcoin, suggesting these may act as support or resistance. While the short-term dislocation is possible, traders are advised not to overinterpret a single-day event without broader context.
