Bitcoin Options Expiry Worth $5.15B Collides With Softer U.S. Inflation Data
Over 46,000 Bitcoin options worth $5.15 billion are scheduled to expire on Deribit, one of the biggest monthly payouts of the quarter...
Quick overview
- Over 46,000 Bitcoin options worth $5.15 billion are set to expire on Deribit, coinciding with the release of US inflation figures.
- Core inflation eased to 3%, which may influence the Federal Reserve's decision to maintain steady interest rates, positively impacting crypto markets.
- Bitcoin is currently hovering around $111,400, with traders showing a slight bullish bias despite the price remaining below its 21-week moving average.
- Other cryptocurrencies like Ethereum and XRP are also experiencing significant options expiries, contributing to a generally calm market atmosphere.
Over 46,000 Bitcoin options worth $5.15 billion are scheduled to expire on Deribit, one of the biggest monthly payouts of the quarter so far. The expiry falls on the same day the US inflation figures are due, but it’s the cooling core price pressures that have traders sitting up and taking notice – that’s been seen as mildly good for risk assets.
According to the Bureau of Labor Statistics, annual inflation finally ticked up to 3% in September from 2.9% the month before, but that’s still below the 3.1% economists had forecast. What was more interesting was that core inflation eased back to 3%, its smallest gain in four months.
All this adds to the view that the Federal Reserve will hold interest rates steady, which has been helping calm crypto markets after a wild few weeks.
BTC is Staying Stuck Near $111,000 Support Price
At the time of writing, Bitcoin (BTC/USD) is hovering around $111,400—pretty close to the price at which most options will expire worthless: $113,000. The put-call ratio is currently at 0.91, so traders still seem to be leaning slightly towards the bulls, but short-term hedging is ongoing because put prices have jumped 1.12 times over the last 24 hours.
🚨$5.92B in Bitcoin and Ethereum Options Expire Today pic.twitter.com/bbb09IbV6J
— Grey BTC (@greybtc) October 24, 2025
Despite inflation being a bit more encouraging, Matrixport analysts have noted that the BTC price remains below its 21-week moving average. That average has been a significant line in the sand for gauging whether the price is looking good or bad, so as long as it stays below, traders will remain cautious.
We’re also seeing technical signs of exhaustion, a slackening of inflows, and fewer of those open bets that are pushing the price round – all of which suggests that, for the time being, Bitcoin may just consolidate between $107,000 and $113,000 until we get some new reasons to move one way or the other.
Expiries on Ethereum and XRP are also adding to the mix
There are other major experiences this month, not just on Bitcoin. For example, Ethereum has 192,000 options worth $0.79 billion up for grabs. XRP is slightly smaller, with only 1,775 options worth $4.33 million, but you can see where I’m going here; both are showing a bullish bias. If you look at the put-call ratio on Ethereum, it’s 0.79, and on XRP, it’s the other way round, with a max pain level near $2.50, suggesting there’s a bit of upside potential.
A fair bit is going on at the moment to keep volatility pretty low across crypto markets, including expiries, ETF inflows, and macro data releases, keeping traders pretty calm.
For the time being, it looks like things are going to stay pretty stable, but when risk appetite picks up again, then we might see a proper breakout.
The Outlook for Now is Calm Before the Next Storm
With headline inflation steady, but core easing, it looks like the crypto market may experience a bit of a relief rally in the very short term. However, as long as big investors remain cautious, the next big move for Bitcoin will still depend on whether it can get back above its 21-week moving average, that’s often a signal of a big trend change.
For now, we’re not seeing any clear direction, and it’s still looking neutral to bullish, but with upside targets near $115,900 if buyers can build some momentum.
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