Deribit's $17B Options Expiry: Bulls Bet Big on Bitcoin and Ethereum

Nearly $17 billion in Bitcoin and Ethereum options are set to expire on September 25, 2026. The majority of this total is comprised of Bitcoin options, with a value of approximately $14.63 billion, while Ethereum options account for about $1.93 billion.

The put/call ratio for both assets is skewed towards calls, indicating that many traders are positioning themselves for a price increase. For Bitcoin, the put/call open interest ratio sits at 0.52, and for Ethereum it's 0.57, meaning there are roughly twice as many call contracts outstanding as put contracts.

Deribit processes the majority of global options volume for both assets, and its hedging activity is expected to have a significant impact on spot prices leading up to the expiry date. Market makers will need to delta-hedge their books when call options move into the money, which can amplify upward price moves.

The max-pain level for this expiry sits between $72,000 and $75,000 for Bitcoin, meaning that a sustained break below this level could flip the hedging math and impact spot prices.