Deribit Options Expiry Tests Bitcoin's Rally as $15 Billion Contracts Approach Settlement

A $15 billion options expiry on Deribit this Friday is putting pressure on Bitcoin's rally. The contracts, which are tied to the Sept. 25 expiry, have more than one third of all open Bitcoin options on the platform.

The put to call ratio is 0.70, indicating a bullish tilt, with the heaviest call strikes clustered at $85,000, $90,000, and $100,000. Spot prices currently hover around $84,000, comfortably above the $76,000 max pain level.

Caroline Mauron, co-founder of Orbit Markets, notes that hedging activity may be dampening rallies until expiry, and momentum could resume once these options expire or are rolled towards the next quarterly expiry.

Dealers are broadly neutral at current levels but can push to sell if Bitcoin grinds toward $90,000 to $95,000 to stay hedged. This can cool the move until the contracts roll off.