Bitcoin and Ethereum options face massive quarterly expiry

A major quarterly settlement of cryptocurrency options is set to occur, with approximately $16 billion to $18 billion worth of Bitcoin and Ethereum contracts expiring. This event represents one of the largest settlements of the year.

On the Deribit exchange, Bitcoin options account for roughly $15.9 billion of the expiring volume, while Ethereum options total about $2.1 billion. The put-to-call ratio stands at 0.69, suggesting that traders are leaning toward bets on higher prices. Significant call positions are concentrated at strike prices of $85,000, $90,000, $95,000, and $100,000, while protective puts are clustered at $60,000, $70,000, and $75,000.

Large options expiries can impact market liquidity and volatility. Market makers and dealers often hedge their positions by buying or selling the underlying assets, which can create feedback loops that amplify price movements in either direction.