$14.6B Crypto Options Expire Friday, BTC Puts Dominate Market Interest
Bitcoin (BTC) and Ether (ETH) options worth over $14.6 billion are set to expire Friday on Deribit, the world’s largest crypto
Quick overview
- Over $14.6 billion in Bitcoin and Ether options are set to expire on Deribit, indicating a significant derivative event.
- Bitcoin options show a strong demand for downside protection, with most put contracts concentrated around current trading levels of $108,000 to $112,000.
- Ether's options market appears more neutral, with calls outnumbering puts across a wider range of strike prices.
- The differing positioning in BTC and ETH options reflects varying market expectations, with potential 'max pain' levels influencing price action.
Bitcoin (BTC) and Ether (ETH) options worth over $14.6 billion are set to expire Friday on Deribit, the world’s largest crypto options exchange. This is shaping up to be one of the biggest derivative events of 2025. Deribit controls around 80% of global crypto options volume, so its settlements are a good indicator of market sentiment.
- BTC options: $11.62 billion in open interest
- ETH options: $3.03 billion in notional value
As of this week, 56,452 BTC call contracts and 48,961 put contracts are due for settlement. For ETH, 393,534 calls face expiry compared with 291,128 puts, so there’s a stronger bullish skew for Ether.
Bitcoin Puts in Focus
Bitcoin options show concentrated demand for downside protection. Most put contracts are at strike prices of $108,000 to $112,000, which is where BTC is currently trading at around $110,000. Calls are mostly at $120,000 and above, so traders are hoping for more upside.
📊 BTC + ETH Options Expiry Alert:
Over $14.6B in Bitcoin and Ethereum options expire Friday.
Strong demand for $BTC puts = Market hedging downside.$ETH positioning? More balanced.
Volatility’s knocking.
Smart money’s strapping in. Are you? pic.twitter.com/NGHRfCC0P0— TopG (@TopG__Crypto) August 26, 2025
Deribit said: “BTC expiry points to persistent demand for downside protection, while ETH looks more neutral. With Powell’s Jackson Hole signal, this expiry might set the tone for September.”
Key BTC option metrics:
- Near-the-money puts: $108K–$112K strike range
- Popular calls: $120K+ strike range
- Total BTC open interest: $11.62B
This means BTC traders are cautious but still speculating on higher prices.
Ethereum Neutral
Ether’s options market looks more neutral. Calls outnumber puts, but with a broader strike price distribution:
- Calls at $3,800, $4,000, $5,000
- Puts at $2,200, $3,700, $4,000
The difference between BTC and ETH option positioning shows different market expectations. For traders watching “max pain” levels — the strike prices where option holders risk maximum losses — BTC is at $116,000 and ETH is at $3,800. While debated, some say these levels can influence price action near expiry.
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