This week’s massive options expiry shows investors are leaning towards downside protection, especially in Bitcoin.
One of the most pivotal events in crypto derivatives this year is approaching. Bitcoin and Ethereum options worth over $14.6 billion are set to expire on Friday, a development that Deribit analysts warn could bring significant volatility to the market.
In Bitcoin’s case, the standout detail is the strong demand for put options. With total open interest at around $11.6 billion, heavy positioning in the $108K–$112K range suggests traders are hedging against further downside. Still, calls above $120K indicate that bullish expectations haven’t completely disappeared.
Ethereum, on the other hand, shows a more balanced outlook. With $3 billion in open interest, over 393K call options are positioned against 291K puts. Calls in the $3,800–$5,000 range point to ongoing upside hopes, while puts between $3,700 and $2,200 highlight caution around potential declines. The widely followed “max pain” levels currently stand at $116K for Bitcoin and $3,800 for Ethereum.
