How Will Markets React to $5B Bitcoin Options Expiring Today?

Around 47,000 Bitcoin options contracts will expire on Friday, Oct. 24, and they have a notional value of roughly $5.1 ￰0￱ expiry event is a little larger than last week’s, but there is unlikely to be any impact on spot markets, which have been mostly sideways in the past several ￰1￱ US government remains in a shutdown, and a delayed September CPI inflation report is due today, which could induce volatility, especially if it comes in hotter than expectations, currently 3.1%. Bitcoin Options Expiry This week’s batch of Bitcoin options contracts has a put/call ratio of 1.03, meaning that long contracts and shorts are evenly ￰2￱ pain is around $114,000, according to ￰3￱ interest (OI), or the value or number of Bitcoin options contracts yet to expire, is highest at $120k, $130k, and $140k, which have topped $2 billion at these strike prices on ￰4￱ is also over $2 billion in OI at $100k targeted by short ￰5￱ BTC options OI across all exchanges is at an all-time high of $63 billion, according to ￰6￱ options open interest just hit an all-time high of $50B on Deribit, the company reported on ￰7￱ Expiry Alert Over $6B in BTC and ETH options expire tomorrow at 8:00 UTC on Deribit. $BTC : Put/Call: 1.03 | Max Pain: $114K Positioning is balanced, with puts outweighing calls a ￰8￱ are hedging downside but not positioning for a major selloff. $ETH :… ￰9￱ — Deribit (@DeribitOfficial) October 23, 2025 BTC price is holding around $108k, even as BTC futures OI fell 20% to 25% in the past couple of weeks, and Bitcoin options OI now exceeds it by around $40 billion, reported Deribit on Thursday.

“The derivatives trading structure seems to be rotating from high-leverage to hedging.” Crypto derivatives provider Greeks Live remains predominantly bearish on crypto, with traders expressing frustration over their positions. “Key focus is on BTC’s struggle around $112k with multiple traders noting crypto is lagging behind gold and equities, while AWS outage temporarily halted Coinbase trading and complicated institutional buying.” In addition to today’s batch of Bitcoin options, around 193,000 Ethereum contracts are also expiring, with a notional value of $749 million, max pain at $3,950, and a put/call ratio of ￰10￱ ETH options OI across all exchanges is around $15 ￰11￱ brings Friday’s combined crypto options expiry notional value to around $5.8 ￰12￱ Market Outlook The crypto market capitalization has increased by 1.8% over the past 24 hours to reach $3.8 ￰13￱ (BTC) has led the move with a brief spike above $111,000 in late trading on Thursday before retracing slightly on Friday morning.

ETH, SOL, and BNB have posted impressive gains.