The cryptocurrency derivatives market will迎来 its annual highlight on Friday (August 29), with data showing that a large number of Bitcoin and Ethereum options contracts will expire on that day on the Deribit platform, with a total nominal value exceeding $14.6 billion, expected to become the most influential options settlement event of the year.
According to Deribit Metrics data, the pending Bitcoin options include: 56,452 call options (calls) and 48,961 put options (puts), with a total open interest of $11.62 billion.
Further observation reveals that Bitcoin puts are mainly concentrated in the range of '$108,000 to $112,000', closely aligned with the current Bitcoin price of about $110,000, while the bullish calls are primarily distributed above $120,000, indicating that although the market has expectations for upward movement, the short-term sentiment remains defensive.
On the other hand, the outstanding call options for Ethereum reach 393,534 contracts, significantly higher than the 291,128 put options, with a total open interest of approximately $3.03 billion. The calls are concentrated at the strike prices of $3,800, $4,000, and $5,000.
Deribit stated through X: 'The structure of upcoming Bitcoin options indicates that investors continue to seek downside protection, while Ethereum remains relatively neutral. Combined with the policy signals released by Powell at the Jackson Hole global central bank conference, this settlement is likely to set the tone for the market trend in September.'
The market continues to pay attention to the so-called 'maximum pain price'—that is, the price at which the cryptocurrency may converge toward the strike price that causes the largest loss for option holders before expiration. Although this theory remains controversial, it still serves as a basis for some traders' positioning.
Currently, the maximum pain price for Bitcoin is at $116,000, while for Ethereum it is at $3,800.
