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About $2.9B to $3B in options expired on Deribit, including roughly $2.53B in BTC contracts and $406M to $425M in ETH contracts. BTC's put-to-call ratio was 0.76, while ETH's ratio rose to 0.89, indicating a more defensive stance among ETH options traders.
Max pain levels were approximately $75,000 for Bitcoin and $2,150 for Ethereum. Volatility remained relatively limited after settlement, making the expiry a split positioning signal rather than a clear directional market catalyst.
Source: [Bitcoin, Ethereum options worth $3B expire as ETH traders shift defensively toward puts — Crypto Briefing](https://cryptobriefing.com/bitcoin-ethereum-options-3b-expiry-eth-puts/)
Frequently asked questions
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How much of the Deribit expiry was made up of BTC options?
About $2.53B of the roughly $2.9B to $3B total was in BTC options. ETH options accounted for $406M to $425M.
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What did the BTC and ETH put-to-call ratios indicate?
BTC's ratio was 0.76, indicating a call-heavy bias. ETH's ratio rose to 0.89, pointing to more defensive positioning.
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What were the max pain levels for Bitcoin and Ethereum?
The approximate max pain levels were $75,000 for Bitcoin and $2,150 for Ethereum.
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Did the options expiry cause a sharp volatility move?
Post-settlement volatility remained relatively limited, so the expiry did not produce a pronounced market reaction.
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What was the main market takeaway from the expiry?
The expiry showed divergent positioning rather than a unified market view: BTC options were call-heavy, ETH options were more defensive, and volatility stayed limited.
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