Yeliz Akmaca 
A quiet but critical line is being crossed in crypto derivatives markets today. More than $2.6 billion worth of Bitcoin and Ethereum options are rolling off, while Bitcoin’s implied volatility has surged to 100%. This isn’t just another technical expiry — it reflects a market that has shifted into full defensive mode.
Derivatives data shows institutional players rapidly increasing downside hedges. Spot prices sitting far below max pain levels only reinforce that message.
Bitcoin carries the weight, Ethereum follows
Most of today’s expiring contracts belong to Bitcoin. Roughly $2.2 billion in BTC options are settling, with Ethereum contributing another $419 million, pushing the combined total past $2.6 billion.
Bitcoin is currently trading around $64,686, well below its $80,000 max pain level — the price where options holders would feel the most loss.
Open interest paints a cautious picture:
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Total BTC contracts: 33,984
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Calls: 21,396
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Puts: 12,588
That leaves a 0.59 call/put ratio, signaling clear downside bias.
Ethereum looks slightly more balanced. ETH trades near $1,905, while its max pain sits at $2,400. Total open interest stands at 219,034 contracts, split between:
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113,427 calls
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105,607 puts
The resulting 0.93 ratio suggests less directional conviction than Bitcoin — but caution still dominates.
The wide gap between spot prices and max pain levels favors option sellers. Directional traders, meanwhile, face elevated risk if prices remain range-bound.
Smaller than last week — but far more tense
Today’s expiry is modest compared to last Friday’s massive $8.8 billion settlement tied to monthly contracts. But this time, volatility — not size — is driving the narrative.
According to Greeks.live, Bitcoin’s short-term implied volatility has doubled since the start of the year, touching 100%. Core maturities jumped more than 15% in just two weeks, now sitting above 50%.
Analysts say derivatives markets are showing clear stress signals, with large players actively reshuffling exposure.
Greeks.live noted:
“The $60,000 zone marks Bitcoin’s pre-Trump-rally consolidation area, where support remains relatively strong. A sharp short-term drop could create a buying opportunity.”
Panic is visible — but conditions for a prolonged selloff look thin
Options structure now leans decisively bearish. Still, demand for deep out-of-the-money contracts — essentially lottery-style bets — is quietly rising.
Greeks.live analysts put it bluntly:
“The market is showing extreme panic. Conditions don’t support a prolonged BTC downturn. Rapid risk-off liquidation could actually accelerate a rebound.”
Bitcoin’s steady drift toward the psychological $60,000 level is amplifying uncertainty. Implied volatility at 100% confirms that traders are pricing in unusually large price swings.
Post-expiry flows could reset the market
Deribit analysts point out that positions have been clustering around key strike levels, creating a kind of gravitational pull on price action.
That effect may now disappear.
Deribit explained:
“With protection demand rising and volatility being repriced, this expiry could temporarily reset dealer hedging flows. Price behavior after 08:00 UTC may differ significantly from recent sessions.”
Options on Deribit officially expire at 08:00 UTC. As hedges unwind and liquidity conditions shift, markets could see sharp moves shortly afterward.
Bearish positioning currently dominates derivatives. But history shows that panic-driven selloffs often clear excessive leverage — sometimes setting the stage for fast rebounds.
Bottom line: this $2.6B expiry isn’t just routine mechanics. It’s a real stress test for short-term market direction.
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