TLDR
- Bitcoin and ether options worth $17 billion are expiring Friday on Deribit, with BTC options at $14.4 billion and ETH at $2.6 billion
- Bitcoin’s max pain level sits at $114,000 while current price trades near $113,000, with ether’s max pain at $4,110 versus $4,000 current price
- 82.5% of open interest consists of out-of-the-money options, showing traders expect sharp price movements
- Federal Reserve meeting and major tech earnings this week could increase crypto market volatility
- Deribit’s market share has dropped from 80% to 44% of bitcoin options open interest since IBIT launched options in November 2024
Bitcoin and ether options worth roughly $17 billion are set to expire on Friday on the Deribit exchange. The expiry represents one of the largest monthly options settlements of the year.
There are $14.3B+ of BTC and $2.5B+ of ETH options expiring on Friday.
Max pain points are $114,000 and $4,100.
Keep an eye on these levels and be prepared for volatility! pic.twitter.com/OUAeEpSUTN
— Satoshi Stacker (@StackerSatoshi) October 29, 2025
The bitcoin options include 72,716 call option contracts and 54,945 put option contracts. These contracts hold a combined notional open interest of about $14.4 billion.
Bitcoin currently trades near $113,000. The max pain level for these options sits at $114,000.
Max pain refers to the price where the most options contracts expire worthless. This creates the least financial loss for option writers and the most for options holders.
Ethereum options show 375,225 ETH in call open interest and 262,850 ETH in put open interest. The total notional value reaches $2.6 billion.
Ether’s max pain level stands at $4,110. The current price trades around $4,000.
The Federal Reserve meets today to set U.S. interest rates. Major tech companies also report earnings this week.
These events could trigger increased volatility across crypto markets. Traders are positioning for potential sharp price movements.
Options Positioning Shows Volatility Expectations
Out-of-the-money options make up 82.5% of open interest. This shows traders favor speculative positioning over hedging strategies.
Call options cluster heavily around strike prices of $120,000 and $130,000. Put options dominate at $100,000 and $110,000.
The high concentration of OTM options suggests traders expect large market swings. Some may use these positions as hedges against sharp moves.
Bitcoin’s put-call ratio stands at 0.76. Ether’s put-call ratio comes in at 0.70.
These ratios indicate more bullish call positions than bearish put positions. Options are derivative contracts that give investors rights without obligations.
Market Share Shifts in Bitcoin Options
Deribit controlled nearly 80% of global bitcoin options open interest before November 2024. That changed when IBIT launched its options product.
Deribit’s market share has since declined to 44%. IBIT now holds an equal 44% share of the market.
This shift reflects growing competition in the bitcoin options market. The expansion provides traders with more venues for options trading.
Price action sometimes gravitates toward max pain levels before expiry. This happens due to market makers adjusting their hedging positions.
The theory remains debated among traders and analysts. Friday’s expiry will test whether prices move toward the max pain levels.
