Bitcoin and Ethereum Options Worth $18B Set to Expire Friday
Bitcoin and Ethereum options totaling roughly $18.1 billion in notional value expire Friday, Sept. 25, with calls outweighing puts on both assets. Bitcoin alone carries $16 billion in open interest on Deribit, split roughly 60% calls and 40% puts, as BTC trades near $86,300.
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Options Expiration Volume
Bitcoin and Ethereum options carrying approximately $18.1 billion in notional value are set to expire Friday at 08:00 UTC, according to Coinbase Markets and Deribit data. Bitcoin accounts for the bulk of that exposure, with roughly $16 billion in open interest expiring on Deribit alone. Of Deribit's Bitcoin open interest, calls represent about $9.6 billion while puts total $6.4 billion, giving calls a roughly 60-40 advantage. Coinbase Markets reported Bitcoin's put-to-call ratio at 0.66, consistent with the heavier call positioning across venues.
Market Setup
Bitcoin was trading near $86,300 as of Friday's approach, having climbed above $85,000 earlier in the week. The call-heavy skew suggests traders are positioned for further upside, though the expiration coincides with two scheduled US economic releases that could inject volatility into spot prices. Large options expirations typically create both hedging demand and potential gamma-driven price swings as market makers adjust delta positions ahead of settlement.
Why It Matters
For Traders
Options expiration Friday may amplify price swings in Bitcoin and Ethereum; gamma positioning suggests upside bias but US economic data could trigger sharp reversals.
For Investors
Options expirations are technical events with minimal impact on long-term price discovery; this expiry is notable for size but not a directional signal.
For Builders
No direct implication for protocol builders; options markets are purely derivative instruments not tied to on-chain activity.
This article is for information only and is not financial advice. Read the full disclaimer.
