The Bitcoin options on Deribit will expire on Friday, September 25, at 08:00 UTC. The contracts represent roughly 37% of the total open Bitcoin options positions on the platform. Around $2.1 billion worth of Ethereum options are also scheduled to expire at the same time.
The put/call ratio for September Bitcoin options stands at 0.69, indicating that bullish positions remain dominant. Around 55% of the approximately $9.4 billion in call options currently have intrinsic value based on Bitcoin’s market price.
According to Deribit CEO Luuk Strijers, spot Bitcoin purchases by market makers seeking to hedge their options exposure may have supported prices during the recent rally. As these hedging requirements decline following the expiry, short-term volatility could increase. Open interest is particularly concentrated at the $70,000 strike, with significant call positions also at $85,000, $90,000, $95,000 and $100,000.
