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BTC 
ETH US$1.45 billion worth of bitcoin and Ethereum options expire in Deribit this week, and market volatility is expected to increase.
On Deribit, the world's largest cryptocurrency options exchange (by volume and open interest), a total of US$1.45 billion in bitcoin and Ethereum options will expire this week. Market participants are paying close attention to the event, as large-scale option expiration often causes volatility to soar in digital asset markets.
Key expiration data and market impact
Deribit reported that US$1.23 billion worth of bitcoin options contracts and US$218 million of Ethereum options will expire at 16:00 Beijing time on Friday. Historically, such large option expiration has prompted traders to adjust, roll over or close positions, triggering increased market activity and price volatility.
An option is a financial derivative that gives a trader the right, rather than the obligation, to buy or sell an asset at a predetermined price before a specific date. The expiration process often triggers strategic operations such as hedging or relocations, which may amplify two-way price fluctuations in the spot market.
Deribit said these expiration events "may inject a lot of liquidity and volatility into the market, creating excellent conditions for short-term options trading."
Ahead of expiration, traders are assessing market sentiment through a put/call ratio. Data shows that Bitcoin's current put/call ratio is 0.86, indicating that there are more open call options than put options. This reflects generally bullish expectations among traders who hold Bitcoin positions until maturity.
At the same time, Ethereum's put/call ratio reached 1.54, indicating higher demand for protective put options, reflecting a more cautious or bearish attitude of market participants.
The maturity amount of Bitcoin options is US$1.23 billion, the put/call ratio is 0.86, and the maximum pain point price is US$62,500; the maturity amount of Ethereum options is US$218 million, the put/call ratio is 1.54, and the maximum pain point price is US$1,750. The "biggest pain point" is the strike price that returns the value of the most option contracts to zero when they expire, and is often seen as a gravitational point for the pre-expiration price, although the market does not always move in this direction.
Demand for short-term option strategies rises
Deribit emphasized that trading activity and open interest volume for short-term (weekly) options have increased. The exchange reported a significant increase in interest in contracts expiring this week, especially among traders who have used short-term strategies to benefit from high volatility.
Short-term options are becoming increasingly popular through strategies such as gamma arbitrage, which involve quickly buying and selling the underlying asset to hedge option risk and take advantage of sharp price fluctuations.
Deribit is a leading cryptocurrency derivatives exchange focusing on options and futures products and is widely used by institutional and professional traders due to its deep liquidity and advanced features.
Activity on these short-term contracts is expected to further exacerbate market volatility as the expiration event approaches.
Deribit observes that "the volume of open interest due weekly tomorrow is increasing significantly," emphasizing that participation in weekly options contracts is increasing.
Given the large number of expiring contracts and a surge in short-term option activity, traders are bracing for possible sharp swings in $BTC and $ETH prices on the eve of expiration.
