Deribit tops $40B in bitcoin options open interest amid $15B quarterly expiry

Crypto derivatives exchange Deribit led the largest quarterly options expiry of 2025 on Friday, settling $15 billion in BTC contracts and pushing bitcoin options open interest past $40 billion — 90% of the entire market.

The exchange also cleared $2.3 billion in ETH contracts, with put–call ratios favoring bullish sentiment in both BTC and ETH markets.