Over $17 Billion in Crypto Options Set to Expire on Deribit – Coincu

Deribit will see over $17 billion in crypto options expire this Friday, marking a significant quarterly event. The expiry is anticipated to affect Bitcoin and Ethereum prices, with potential volatility spikes expected.

This Friday’s expiry influences positions in Bitcoin and Ethereum, driven largely by institutional investment. Expiring contracts amount to 40% of Deribit’s total open interest, signaling notable participation from both institutional and retail investors. The combination of high-stake options and notable open interest suggests an imminent period of market adjustments.

$17B Crypto Options Expiry to Shake Markets

Deribit, the leading platform for crypto options, prepares for one of its largest expiry events as options surpass $17 billion. The event involves Deribit’s senior executives, including John Jansen and Luuk Strijers, though public statements remain focused through Lin Chen. His comments highlight speculative positions among traders.

Traders prepare for potential market impacts. Industry insiders like Lin Chen note a strong market confidence, while other key figures maintain silence on further commentary, leaving the community anticipating increased volatility.

“The June $300K BTC call options have surfaced as the strike with the highest open interest [for June expiry], illustrating bold speculative positioning by traders expecting further upward movement… The combination of unprecedented volumes and concentrated options bets reflects strong market confidence—and the likelihood of increased volatility in the near future.” — Lin Chen, Source

Historical Expiries Foresee Volatile Market Movements

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Previous major expiries on Deribit, such as in March and December 2024, led to brief periods of sharp price fluctuations for Bitcoin and Ethereum, as market participants adjusted positions. These events provide historical context for predicting potential volatility.

As of June 25, 2025, according to CoinMarketCap, Bitcoin (BTC) trades at $106,607 with a market cap of over $2.12 trillion. The 24-hour trading volume has decreased by 31.59%, indicating reduced short-term trading activity. Over 19 million BTC coins are circulating, nearing the 21 million maximum supply.

Insights from the Coincu research team suggest that while market volatility is anticipated, the overall impact may extend beyond the options themselves, affecting broader ecosystem dynamics. The volume reflects patterns of enthusiastic trading interest yet also shares potential for regulatory scrutiny based on historical volatility levels.