Why Friday’s $14.6B Crypto Options Expiry Matters
Bitcoin (BTC $109,756.33) and ether (ETH) face a $14.6 billion options expiry Friday on Deribit, and the positioning reveals how traders see the next leg.
For bitcoin, puts dominate. Nearly 49,000 contracts sit between $108,000–$112,000, signaling hedging near current spot prices. Calls are concentrated above $120,000.
Ether looks more bullish, with 393,534 call contracts outpacing 291,128 puts. The heaviest strike activity sits at $3,800–$5,000 calls and $3,700–$4,000 puts.
Options expiries often add volatility, and some traders track “max pain” levels — $116,000 for BTC and $3,800 for ETH — as potential price magnets.
As Deribit noted: “BTC expiry shows demand for protection, ETH looks neutral.” Combined with Powell’s Jackson Hole signal, Friday’s settlement could set the tone for September.
