BTC and ETH Options Set to Expire on Deribit

A major crypto options expiry on Deribit is set for October 29, involving 127,000 BTC and $2.56 billion ETH exposure, with significant implications for market volatility.

This event highlights institutional involvement and potential price shifts, with Ethereum and Bitcoin positions linked to max pain levels at $4,100 and $114,000, respectively.

$16.98 Billion in Deribit Options to Expire

On October 29, 2025, Deribit will host a substantial options expiry of 127,000 BTC and ETH options totaling a notional value of approximately $16.98 billion. This expiry carries explicit implications for market positioning among crypto derivative traders.

Institutional traders and large option writers primarily drive this event, using these options for hedging and speculative purposes. The put/call ratios are balanced, indicating concerted positioning without signs of significant market sell-off potential.

“Over $6B in BTC and ETH options expire tomorrow at 8:00 UTC on Deribit. BTC: Put/Call: 1.03 | Max Pain: $114K. Positioning is balanced, with puts outweighing calls a bit. Traders are hedging downside but not positioning for a major selloff. ETH:…” — Luuk Strijers, CEO, Deribit

Potential Price Stabilization of BTC and ETH Amid Expiry

Did you know? Uber large option expiries can often result in price movements towards the max pain points, a known phenomenon often referred to as “pinning” effects in financial markets.

As of October 29, 2025, Bitcoin is priced at $112,930.16 with a market cap of $2.25 trillion, making up 59.22% of the market. With a 24-hour trading volume of $66.07 billion, Bitcoin’s price fell 1.16% in the past day, according to CoinMarketCap.

Coincu research experts foresee this options expiry potentially stabilizing BTC and ETH prices near max pain points, with the possibility of increased volatility immediately after the contracts settle as observed in past expiries. A prominent scenario might involve observing BTC soar higher while open interest patterns fluctuate as traders adjust their positions post-expiry.