Around 177,000 BTC in Bitcoin options, with a notional value of nearly $15 billion, expire Friday on Deribit, the leading crypto options exchange. The puts/calls ratio of 0.76 reveals a clear dominance of bullish bets, with 100,800 calls versus 76,200 puts. These $15 billion will not be withdrawn from the market at expiration: only the gains of in-the-money options change hands, and the price impact flows through market makers’ hedging activity. The max pain stands at $78,000, with the largest positions concentrated at the $70,000 strike for both calls and puts. This quarterly expiration coincides with other macroeconomic events, including the expiry of CME Bitcoin futures contracts.
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