Deribit Data: Will the Market Further Collapse as Bitcoin Options Worth Over $2.1 Billion Expire?

This Friday at 16:00, the cryptocurrency market will once again face a large-scale options expiration, which could add new volatility risks to an already bearish market.

According to Deribit options market data, approximately 32,649 Bitcoin options contracts are set to expire today, with a notional value of $2.124 billion. Although this is smaller than last week's monthly expiration, the market environment at the time of expiration has changed dramatically.

Currently, the Bitcoin put/call options ratio is 0.54, indicating that the number of expiring call options (long positions) far exceeds that of put options.

While Bitcoin's spot price has recovered to $65,000, it remains well below the maximum pain point of $82,000 in the options market. As a result, a large number of call options will expire today, potentially further suppressing market sentiment.

Meanwhile, approximately 218,700 Ethereum options worth about $416 million will also expire simultaneously. The put/call ratio for Ethereum is as high as 0.91, consistent with bullish expectations in the Bitcoin market; at the same time, the spot price hovers around $1,900, also significantly below the maximum pain point of $2,400 in the options market.

Although some market analysts believe that the $60,000 level is an important support, and a rapid decline around this level could attract some bottom-fishing funds,

Based on the defensive positioning in the options market and the ongoing selling pressure in the spot market, the overall downside risk in the cryptocurrency market has not been eliminated. Investors should remain vigilant for sharp price fluctuations around the expiration date.

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