Bitcoin and Ethereum Options Expiry: Brace for Market Volatility as Billions of Dollars Set to Expire on Deribit

On June 28, significant Bitcoin and Ethereum options are set to expire on Deribit, a leading crypto derivatives exchange. This event, involving billions of dollars, could trigger substantial market volatility, creating a crucial moment for cryptocurrency investors.

Bitcoin (BTC) and Ethereum (ETH) options traders are preparing for a significant event on June 28, as a large batch of options contracts on leading crypto derivatives exchange Deribit are set to expire.

The event, which involves billions of dollars in options contracts, could trigger substantial market volatility, making it a crucial moment for cryptocurrency investors.

Bitcoin Options Expiry: An Overview

As the clock ticks down to the final hours, let’s delve into the details of the Bitcoin options expiry. A total of nearly $6.68 billion in BTC options will expire on June 28. The total open interest for Bitcoin options stands at 108,285.40 BTC.

Of the total open interest, there are 71,685.90 call options and 36,599.50 put options, resulting in a put/call ratio of 0.51. The max pain price, or the price at which the largest number of options contracts will expire worthless, is $57,000.00.

Bitcoin is currently trading at $61,232.54, with a 30-day change of -10.7%, a 7-day change of -6.3%, and a 24-hour change of -0.1%. The 24-hour trading volume for Bitcoin is $27,459,333,628.

Ethereum Options Expiry: An Analysis

In a parallel event, around $3.5 billion in ETH options will also expire on June 28. The total open interest for Ethereum options is 1,049,011.00 ETH.

Breaking down the options types, there are 662,459.00 call options and 386,552.00 put options, yielding a put/call ratio of 0.58. The max pain price of ETH options is $3,100.00.

Presently, Ethereum is priced at $3,369.83, with a 30-day change of -13.7%, a 7-day change of -4.8%, and a 24-hour change of -0.1%. The 24-hour trading volume for ETH is $11,635,447,897.

Anticipated Crypto Market Impact Explained

The impending expiry represents over 40% of the current cumulative open interest of over $23 billion, which could lead to increased market volatility.

Typically, large quarterly expires are known for their unpredictable price movements due to the higher trading volumes and the closing or rollover of positions.

According to Deribit’s CEO, Luuk Strijers, “ As we approach Friday’s large quarterly expiry, potentially influenced by ‘quadruple witching’ and related volatility in U.S. stock markets, over 25% of Deribit open interest is set to expire in-the-money, equating to over $2.7 billion. The total notional size of the expiry is over $10 billion.”

This indicates that a significant number of derivative contracts are expected to be profitable for their holders at expiration.

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