Deribit $16.38B BTC/ETH Options Expire Friday: Max Pain $75k/$2.3k

Published: 2026-03-25 08:06:47 |

Deribit data shows about $16.38B of BTC and ETH options expiring this Friday. BTC has 199k expiring contracts with a $14.16B notional value. The largest max pain is $75,000, with a put/call ratio of 0.63. ETH options worth about $2.22B expire with a max pain at $2,300 and a put/call ratio of 0.57. For traders, BTC and ETH option expiries can lift short-term derivatives volatility as hedgers rebalance near key strike levels. The low put/call ratios hint at slightly heavier call-side positioning, but both BTC and ETH still face “pinning” and gamma effects around Friday’s expiry. Watch BTC around $75,000 and ETH around $2,300 for potential acceleration or mean reversion into settlement.

Neutral

The news is mainly a derivatives microstructure catalyst tied to Friday’s settlement. The low put/call ratios for both BTC and ETH suggest slightly heavier call-side positioning, but the event still raises the probability of price “pinning” and gamma-driven moves near the max pain levels ($75,000 for BTC and $2,300 for ETH). That points to near-term volatility rather than a clear directional bias. Over the long run, nothing here implies a fundamental change; the effect is most likely to fade after expiry, keeping the overall impact on BTC and ETH price action neutral.