Deribit $4.7B Options Expiry: BTC & ETH Bearish Bias
Deribit is set to see a $4.7B crypto options expiry this Friday, with Bitcoin contracts accounting for $3.28B and Ether for $1.27B. The Bitcoin put/call ratio stands at 1.38, reflecting heavier demand for downside protection. Open interest clusters at $140,000 (2.5B) and $95,000 (1.8B) strikes, with a max pain price near $112,000. Ether shows a put/call ratio of 0.78 and a max pain point at $4,400. Spot BTC trades around $111,300 and ETH near $4,330. Rising implied volatility (40% for BTC, 70% for ETH) and historically low September liquidity suggest potential volatility and downside pressure post-expiry. This crypto options expiry could influence short-term volatility and provide signals on market direction.
Bearish
Heavy demand for Bitcoin puts and a put/call ratio above 1 point to trader caution, while Ether’s relatively balanced ratio still skews toward downside hedging. High open interest at out-of-the-money strikes and rising implied volatility signal potential sharp moves. Coupled with historically weak September liquidity, these factors suggest short-term downside pressure post-expiry. Over the longer term, the event may recalibrate strike prices and volatility expectations, but the immediate bias remains bearish as traders seek protection against pullbacks.