Deribit's Record-Breaking Options Expiry Set for Friday

Deribit's quarterly settlement is set to be one of the most consequential this year, with nearly $16 billion in Bitcoin options expiring on Friday. The exchange's total reported BTC open interest stands at around $43.5 billion, making up about 37% of that figure.

The options book heading into Friday leans decisively bullish, with call open interest sitting between $9.4 billion and $9.6 billion, while puts range from $6.4 billion to $6.5 billion. This translates to a put-to-call open interest ratio of roughly 0.69 to 0.71.

Deribit CEO Luuk Strijers described the September expiry as 'call-heavy' and one of the largest of the year. Bitcoin is currently trading near the $85,500 to $86,300 range, which means about one-third of the entire BTC expiry book is already in-the-money.

The max pain level sits at $75,000, more than $10,000 below where Bitcoin is currently trading. This expiry coincides with the release of US durable goods orders data and CME futures settlement on the same day.