Bitcoin Options Worth $15.9 Billion Set for Deribit Expiry

Bitcoin options worth $15.9 billion are set to expire on Deribit this Friday, which could impact short-term hedging flows.

The expiry is scheduled for 4 a.m. ET (8:00 UTC) on September 25, affecting both Bitcoin and Ether options. The combined settlement value will be approximately $18 billion, with $15.9 billion in Bitcoin options and $2.1 billion in Ether options.

According to Deribit's open interest, roughly 37% of the exchange's total Bitcoin open interest is represented by a call-heavy book. This means that calls account for more open interest than puts, resulting in a put/call open-interest ratio of 0.69. A reading under 1 indicates that calls dominate.

The largest call concentrations are around $85,000, $90,000, $95,000, and $100,000, while put protection is concentrated near $60,000, $70,000, and $75,000. Deribit CEO Luuk Strijers suggests that dealer hedging may have contributed to Bitcoin's recent move through the $80,000-$87,000 range.