Ethereum Options Traders Shift Defensive Ahead of Deribit Expiry

Roughly $3 billion in Bitcoin and Ethereum options expired on Deribit, but the two assets showed distinct behavior. Bitcoin's options book remained tilted toward calls, indicating optimism, while Ethereum's drifted toward puts, suggesting traders expected trouble.

The put-to-call ratio for Bitcoin sat at 0.76, below 1, which means there were more call options than puts in open interest. In contrast, Ethereum's put-to-call ratio hit 0.89, closer to parity and leaning toward defensive positioning.

Max pain levels for Bitcoin and Ethereum were around $75,000 and $2,150, respectively. These levels acted as gravitational centers during the days leading up to expiry, drawing spot prices toward them as market makers adjusted positions.