Deribit Exchange Braces for $11.4B Crypto Options Expiry: Bitcoin Eyes $100K Max Pain

Over $11.4 billion worth of Bitcoin and ethereum options are set to expire today, marking one of the largest monthly expirations in recent months. The event includes $9.79 billion in Bitcoin contracts and $1.63 billion in Ethereum contracts, potentially triggering sharp market moves.

Both Bitcoin and Ethereum have recently experienced minor pullbacks, making today’s options expiry particularly critical for short-term price direction. Options are financial contracts that grant traders the right—but not the obligation—to buy or sell an asset at a predetermined price. Expiry often leads to increased trading activity and volatility, especially with such a significant volume at stake.

Deribit, the leading crypto options exchange, reports 92,459 Bitcoin options contracts expiring today, a sharp rise from the 25,000 contracts that expired last week. The ’max pain’ price—where most losses occur for option buyers—is set at $100,000, reflecting bullish sentiment as traders bet heavily on Bitcoin’s upside.