The crypto derivatives market faces a major test today (15), with over $6 billion in Bitcoin (BTC) and Ethereum (ETH) options expiring.
The options expiring today set the stage for a strategic repositioning among traders and a potential increase in volatility over the weekend.
The expiration of Bitcoin and Ethereum options is approaching with over $6 billion at stake.
Data from Deribit shows that the maximum pain level for Bitcoin, the strike price at which most options lose value, is at $117,000. At the time of this analysis, BTC was trading at $118,995, slightly above its strike price.
The put-call ratio (PCR) for Bitcoin options expiring today is 0.90. This suggests slightly more calls (buy orders) than puts (sell orders), indicating a bullish position, despite the price being above the maximum pain level.
Meanwhile, the notional value is $4.78 billion, and open interest (OI) is at 40,185 contracts.
Bitcoin Options Expiring. Source: Deribit
Meanwhile, the maximum pain of Ethereum is $4,000, significantly lower than its price, which is $4,629 at the time of this analysis.
The PCR for Ethereum options expiring today is at 1.02. This indicates a balanced market with a slight inclination towards puts (sell options).
This PCR, in relation to the current price of ETH, suggests that investors may be anticipating a correction.
Data from Deribit shows that the ETH options expiring today have a notional value of $1.33 billion. Meanwhile, open interest is at 287,946 contracts.
Ethereum Options Expiring. Source: Deribit
The options expiring today are slightly higher than last week, when nearly $5 billion in contracts were settled.
Meanwhile, according to Greeks.live, the options expiring this Friday occur amid a market still digesting an unexpected correction triggered by macroeconomic data, even as sentiment remains tilted towards a sustained bull market.
Closer analysis from Greeks.live notes that as Bitcoin's price hit a new all-time high and ETH approached its record, the market experienced an unexpected correction. An unexpectedly strong PPI reading was the main trigger.
As it happened, core CPI inflation is back above +3% and PPI inflation is at its highest point since March 2022. Specifically, PPI inflation hit 3.7% against an expected 2.9% and 2.6% the previous month.
HOLY CRAP!
This is Really bad for Inflation:
The US PPI numbers are out and they're MUCH higher than expected! Headline PPI YoY: 3.3% (exp 2.5%, prev 2.3%).
Now let me explain why this is so terrible for inflation.
PPI = Producer Price Index. It's basically the wholesale… pic.twitter.com/82tinn8qnz
— Brian Krassenstein (@krassenstein) August 14, 2025
Despite this, analysts from Greek.live reported no significant changes in the options market. There were no significant changes in the IV (implied volatility) of the main term and relatively small fluctuations in skew.
Record options volume meets infinite supply
Importantly, the options exchange Deribit saw $10.9 billion in trading volume. It broke the $10 billion mark for the first time in a single day.
"The high trading enthusiasm shows that the market is not worried about the subsequent market, and the bull market is likely to continue," stated Greeks.live on X (formerly Twitter).
However, market sentiment remains divided. Some traders point to conditions of infinite supply and an unstoppable bullish momentum.
Meanwhile, others warn of a potential local top near $122,000 for Bitcoin and $4,700 for ETH. The peak in open interest, coinciding with record spot prices, creates an unusual market structure.
"...market makers [are] pulling bids due to overwhelming buying strength, with 10 million volume candles indicating institutional accumulation," noted Greeks.live.
Reports indicate that a trader sold 115,000 BTC puts for next week at the peak, demonstrating tactical selling of puts in strength.
With such a concentration of open interest and record volumes, the options expiring today could act as a magnet for prices towards maximum pain levels, at least in the short term.
Markets tend to return to normal after options expire at 5 AM (Brasilia time) on Deribit, as traders adjust to new trading environments.
However, traders should monitor post-expiration price action to see if the infinite buying momentum persists or if profit-taking triggers a deeper correction.
Record demand, institutional participation, and macroeconomic uncertainty set the stage for a high-risk weekend in the crypto markets.
The article More than $6 billion in Bitcoin and Ethereum options expire today was first seen on BeInCrypto Brazil.
