$15 Billion Options Expiry Set to Shake Bitcoin and Ethereum Markets Today
Over $16 billion in Bitcoin and Ethereum options are expiring today on Deribit, marking a major derivatives event influencing short-term price action.Summary
A significant options expiry event, totaling over $16 billion in notional value for Bitcoin and Ethereum contracts, is set to expire on Deribit today (October 31, 2025, at 8:00 UTC). This is one of the largest monthly crypto derivatives events this year.
Bitcoin options account for $13.28 billion, with the maximum pain point at $100,000, suggesting a bullish skew as the put-to-call ratio is 0.54. Deribit analysts noted that while some traders took profit on downside puts after a recent pullback, a dominant trade was a large call condor structure betting on a strong year-end rally toward $100,000 or higher by December.
Ethereum options total $1.73 billion, with a max pain level at $3,400. ETH positioning is less extreme than BTC, showing a lighter downside skew. The outcome of this expiry could quickly shift liquidity, with market makers potentially dampening volatility if prices approach max pain or accelerating moves if volatility spikes.
(Source：BeInCrypto)