Tomorrow’s $4.5B Crypto Options Expiry BTC Max Pain at $112K
Deribit will settle over $4.5 billion of crypto options tomorrow, marking a key liquidity event for short-dated derivatives markets. Bitcoin options dominate with a nominal value of $32.8 billion. The BTC put/call ratio stands at 1.38, and max pain for BTC positions is at $112,000. Open interest clusters between $105,000 and $110,000 strikes, with put positions prevailing. Ethereum options account for $12.7 billion in notional value, with a put/call ratio of 0.78 and max pain around $4,400. Call open interest concentrates above $4,500. Traders should watch for increased volatility near these strike levels as expiries could trigger sharp price swings.
Neutral
Options expiries often prompt short-term volatility but lack a clear directional bias. BTC’s put/call ratio above 1 indicates bearish positioning, while ETH’s ratio below 1 suggests a modest bullish tilt. Historical expiries on Deribit have led to price swings around clustered strikes but typically resolve with limited follow-through. Given mixed signals and balanced positioning in ETH, the market impact is expected to be neutral overall, with traders focusing on near-term volatility around key strike levels rather than a sustained trend.