Crypto Markets Brace for $16B Bitcoin Options Expiry

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Away from Friday's expiry, traders are building large butterfly structures betting on Bitcoin hitting $95,000 by the end of October.

Bitcoin options worth roughly $15.9 billion are set to expire on Deribit at 8:00 AM UTC today, covering about 184,000 BTC contracts.

The expiry comes with the OG crypto trading near $84,000 after retreating from an eight-month high above $87,000, putting recent price gains against a large options settlement.

The Friday Expiry By the Numbers
An expiry snapshot earlier in the week showed the Bitcoin batch carried a notional value near $15.9 billion, a max pain price of $75,000 and a put/call ratio of 0.69. Max pain is the strike where the largest amount of options value would expire worthless.

A put/call ratio below 1 means there are more call contracts than puts. That can point to a mildly bullish positioning or hedging bias, but it does not establish where Bitcoin will trade after expiry.

Deribit CEO Luuk Strijers also posted around the same time that options open interest had climbed above $50 billion, representing about 74% of market open interest, and about one-third of that OI was due to expire during the Friday cycle.

Large butterfly trades have also appeared around October expiry dates, with some of the biggest structures targeting $95,000 for October 30, and they include short-dated calls intended to finance the trades.

Deribit’s own expiry alert, posted later on September 24, put the BTC expiry at about $14.4 billion in notional value, with a 0.84 put/call ratio and $78,000 max pain.

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