Deribit Options Expiry Falls Flat Despite $6.44B Notional Value

A significant options expiry occurred on Deribit, one of the largest crypto derivatives exchanges. The event involved 81,700 Bitcoin options worth $6.44 billion in notional value. However, despite expectations, the price of Bitcoin remained stable around $80,000.

The 'max pain' price, where most options expire worthless and cause maximum losses for buyers, was between $68,000 and $70,000. However, this did not materialize as a correction to these levels would have required an 11.4% drop in the price of Bitcoin.

Analyst Frank Hepworth notes that nearly 62% of contracts related to this expiry could expire worthless, which means the actual settled amount was well below the reported notional value.