Bitcoin and Ether (ETH) options worth more than $14.6 billion are set to expire Friday on Deribit, marking one of the most important derivatives events of 2025.
The expiry is notably tilted toward BTC put options, highlighting strong demand for downside protection, while Ether’s options market appears more balanced.
According to Deribit Metrics, 56,452 BTC call contracts and 48,961 put contracts are due for settlement, representing a combined notional open interest of $11.62 billion. Deribit, which handles about 80% of global crypto options activity, remains the world’s largest exchange in this space. Each option contract on the platform corresponds to one BTC or ETH.
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Open interest data shows heavy positioning in put options with strike prices between $108,000 and $112,000, while the most popular call options are clustered at $120,000 and above.
Bitcoin Options Expiry Highlights Market Pressure
For Ether, a total of 393,534 call options are set to expire, significantly outnumbering the 291,128 put options, with both sides adding up to a notional open interest of $3.03 billion.
Open interest is largely concentrated in call strikes at $3,800, $4,000, and $5,000, while notable put positions sit at $4,000, $3,700, and $2,200.
Options are financial derivatives that give buyers the right, but not the obligation, to purchase or sell an asset at a fixed price on or before a specified date. Call options represent a bet on rising prices, while put options act as protection against potential declines.
Since 2020, the crypto options market has expanded rapidly, with monthly and quarterly expiries now recognized as major events capable of influencing broader market trends.
By 2021, some analysts suggested that asset prices often drift toward so-called “max pain” levels, the strike prices where the largest number of option holders face losses—in the days leading up to expiry. Still, the reliability of this theory remains contested within the trading community.
At present, the max pain level stands at $116,000 for Bitcoin and $3,800 for Ether, making these levels key reference points for those who subscribe to the concept.
