Bitcoin Faces $10.9B Deribit Options Expiry
Key Summary
Deribit settles a massive $10.9B batch of Bitcoin options contracts alongside $776M in Ethereum derivatives Friday morning. With spot prices hovering near the $78,000 max pain level, derivatives traders navigate heavy monthly settlements and shifting put/call ratios.
Key Bullets
- Deribit settles 135,000 BTC in options contracts worth $10.9B at 8 AM UTC Friday morning.
- Data shared by the Unfolded account on X indicates a put/call ratio of 0.53 with max pain at $78,000.
- Ethereum options worth $776M expire alongside the Bitcoin batch with a max pain strike price of $2,500.
- Market commentator Dennis Liu notes heavier put buying for the upcoming November 6 expiry as traders hedge midterm risks.
Deribit Settles Massive MultiBillion Expiry
Bitcoin slid 0.7% toward the $78,000 threshold Friday morning as derivatives exchange Deribit cleared 135,000 BTC in options contracts with a total notional value of $10.9B at 8 AM UTC. Data published on X by the Unfolded account confirms the put/call ratio sits at 0.53, showing that calls outnumber puts by nearly two to one. Max pain for the massive batch rests at $78,000, aligning closely with current spot exchange order-book depths monitored by CoinGecko.
Traders face heightened settlement volume as the monthly expiry window closes. The OG crypto previously touched $81,700 earlier in the week following the Federal Reserve decision to hold benchmark interest rates steady. Prices subsequently retreated following a $6.3B exploit reported on Binance. The asset remains down 6.0% across the trailing 30-day window.
Ethereum Options Clear At Lower Strikes
In addition to the primary Bitcoin settlement, Ethereum contracts holding a notional value of $776M expired simultaneously on Deribit. Public platform data confirms the second-largest asset faced a max pain level of $2,500 alongside a put/call ratio of 0.77. Total expiring crypto options across both assets reached $11.67B.
Ethereum traded near $2,200 during the settlement window, sitting well below the calculated max pain strike. CoinGecko transaction data shows this price represents a 16.0% dip over the past month and a 43.0% plunge across a one-year period. Liquidity on major DEX and CEX venues absorbed the heavy settlement without cascading into immediate spot liquidations.
Traders Rotate Into Protective Puts
Market commentator Dennis Liu reported heavier put buying for the subsequent November 6 expiry covering midterm week, with downside protection commanding higher premiums than comparable upside bets. Analysis of the order books shows downside risk protection is actively drawing capital from institutional desks. Expected trading ranges for the upcoming weekly cycle widened to span between $75,200 and $85,100.
Longer-term positioning shows renewed optimism further out on the options curve. Order books for November 27 show 1.7 calls for every put, while the December 25 expiry registers a ratio of 1.5 calls per put. Market participants continue pricing in structural upside momentum despite immediate monthly settlement headwinds.
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