Bitcoin Options $1.6B Expire on Deribit; Max Pain $79,500

Bitcoin options worth about $1.6B are set to expire today at 08:00 UTC on Deribit. The BTC options put/call ratio is 0.74, a skew that leans bullish. The BTC max pain level is $79,500, the strike where the most options are expected to expire worthless. At the same time, Ethereum options worth about $410M also expire on Deribit. ETH’s put/call ratio is 0.94 (closer to neutral but still slightly bullish), with ETH max pain at $2,350. For traders, the near-term playbook is watching Bitcoin options max pain and where Deribit open interest clusters. Price can drift toward max pain into expiry, but if spot deviates, dealers’ hedging and rolling/closing flows can increase intraday volatility. BTC open interest is concentrated around strikes near $80,000 and $85,000, which may act as short-term support/resistance. Bottom line: the combined Bitcoin options expiry and ETH expiry can cause temporary dislocations around the settlement window, but it’s typically not a durable directional signal without broader market catalysts.