$4.8 Billion at Stake on Deribit

Over $4.8 billion in cryptocurrency options are set to expire on Deribit on August 22, 2025, at 4:00 PM Beijing time, impacting both Bitcoin and Ethereum markets.

The upcoming expiration could induce short-term volatility, with Bitcoin’s maximum price set at $118,000 and Ethereum at $4,250, reflecting significant potential market shifts.

$4.8 Billion Options Expiry Sparks Market Volatility Fears

Deribit, a significant player in the cryptocurrency options market, is poised for a substantial event as over $4.8 billion worth of options are set to expire. Bitcoin options make up a notable $3.83 billion, with a put/call ratio of 1.31, while Ethereum options account for $948 million, maintaining a put/call ratio of 0.82. As these options approach their expiry, the market is keenly observing potential shifts.

The event might lead to noticeable volatility and price adjustments as traders adjust their positions ahead of the expiration, according to Deribit’s Contract Introduction Policy. Historically, such significant expiries often result in significant market fluctuations. Despite the lack of explicit forecasts or announcements from Deribit or key industry leaders, market participants remain alert.

“Monthly options expire on the last Friday of each month at 08:00 UTC,” according to Deribit Official Documentation, emphasizing the importance of these events for market participants.

Bitcoin and Ethereum Prices: Tensions Rise Ahead of Expiry

Did you know? The last major expiry on Deribit saw over $5 billion in options, leading to temporary but notable price movements as traders scrambled to adjust their portfolios around max pain levels.

Bitcoin (BTC) is currently priced at $113,492.17 with a market cap of $2.26 trillion. Market dominance stands at 58.75%, according to CoinMarketCap. Recent price movements include a -0.28% dip over 24 hours, and a -6.79% change over the past week, suggesting market sensitivity ahead of the upcoming expiry. Bitcoin’s fully diluted market cap is $2.38 trillion, with a trading volume of $65.31 billion, reflecting a -9.10% change over the last day.

Experts from the Coincu research team highlight the importance of monitoring max pain levels during these expiries. The convergence of current spot prices with max pain can significantly influence market actions, prompting reactions from traders. Though historically volatile, such events generally stabilize once the period concludes, mainly if open interest is not overwhelmingly imbalanced.

Ethereum options also show high activity, hinting at possible outcomes similar to Bitcoin. Observing these levels is crucial, especially when traders adjust ahead of expiries.