More than $13 billion in Bitcoin options are set to expire today, according to data from Deribit and Coinglass. The monthly expiry includes over 147,000 BTC contracts, marking one of the largest settlement events of the quarter. This event occurs as markets show early signs of stabilization following a recent leverage washout confirmed by several on-chain analytics providers.
Market Impact and Outlook
The expiry could generate short-term volatility, with a put/call ratio of 0.58 and max pain near $100,000. Open interest remains clustered around key psychological levels, signaling that traders maintain a broadly constructive outlook despite recent macroeconomic pressure. Additionally, $1.7 billion in Ethereum options will also expire today, adding weight to the broader derivatives reset.
Trading Expectations
Exchanges expect normal trading conditions throughout the session, with fresh positioning likely emerging once contracts settle. Market participants will monitor whether renewed inflows enter derivatives and spot markets as volatility resets after the monthly expiry.