Deribit Announces Significant Options Expiry
Today (August 7), Deribit announced via the X platform that over $4.9 billion in Bitcoin (BTC) and Ethereum (ETH) options contracts will expire tomorrow. Will the market experience significant volatility?
(Background: Rich Dad Expects Bitcoin to Drop Below $90,000 in August: “I Can Only Double My Investment After BTC Crashes,” “August Curse” Will Only Make You Wealthier)
(Context: Bitcoin Volatility Concerns! Matrixport: More Chances for Upside if It Doesn’t Drop Below $105,000)
Details of the Options Expiry
The Deribit platform will see over $4.9 billion in Bitcoin and Ethereum options expiring tomorrow:
- Bitcoin: Notional Value $4.15 billion | Put/Call Ratio: 1.38 | Max Pain: $115,000
- Ethereum: Notional Value $792 million | Put/Call Ratio: 1.06 | Max Pain: $3,600
The Open Interest (OI) distribution indicates that put options are concentrated below the spot price, while call options are focused at higher price levels. Do you think this expiry will cause market turbulence?
Options Expiry Alert
Tomorrow, over $4.9B in BTC & ETH options are set to expire on Deribit.
$BTC: $4.15B notional | Put/Call: 1.38 | Max Pain: $115K
$ETH: $792M notional | Put/Call: 1.06 | Max Pain: $3,600
OI distribution hints at puts clustered below spot, calls…pic.twitter.com/wF4AEXAv7F
— Deribit (@DeribitOfficial) August 7, 2025
Investor Sentiment: Cautious Yet Divergent
Data from the Deribit options market reflects current investor sentiment: the put/call ratio for Bitcoin is as high as 1.38, indicating significant concerns about a short-term price drop, likely reflecting cautious attitudes toward global economic uncertainty (such as U.S. interest rate policies and Trump’s tariffs).
In contrast, the put/call ratio for Ethereum stands at 1.06, nearly balanced, suggesting a more neutral market sentiment. This could be related to the recent large-scale adoption of Ethereum by institutional investors, as well as the potential for a U.S. Ethereum spot ETF, though there still seems to be a lack of clear short-term trends.
Additionally, the distribution of open interest further reveals market dynamics: put options are concentrated below the spot price, indicating that investors have set protective positions at low price levels, which may provide some support for prices; while call options concentrated at high price levels could potentially create resistance.
Market Impact After Expiry: Short-Term Volatility Inevitable?
A large-scale options expiry typically has significant short-term impacts on the cryptocurrency market. Firstly, the massive expiry of options may lead to drastic price fluctuations. The $4.15 billion options size for Bitcoin far exceeds that of Ethereum, with a max pain point of $115,000 potentially becoming a short-term resistance level. Institutions or hedge funds may attempt to push the price towards this level to minimize the costs of bullish options. This could lead to downward pressure on Bitcoin around the expiry date. The $3,600 max pain point for Ethereum may attract prices to gravitate towards it at expiry, creating a “magnetic effect.”
At the same time, a significant expiry of options often correlates with increased hedging activities. Market makers and institutions may adjust their positions in the spot or futures market, driving up trading volume, but could also amplify price volatility due to insufficient market liquidity, potentially leading to a gamma squeeze and causing unusual price movements.
Related Reports
- Uncovering the Founder of Pantera Capital: The Legend of Buying Bitcoin at $65
- Empowering Bitcoin DeFi, Bitlayer Launches Token Sale on CoinList
- Bitcoin Price Squeezes Altcoins; AI Analysis on Promising Meme Coins for 2025