$1.23B in Bitcoin options expire today with balanced put/call ratio and mixed market momentum.
DeFi & Yields ·
Approximately 19,500 Bitcoin options contracts valued at $1.23 billion are expiring, with a 0.87 put/call ratio suggesting balanced positioning between bullish and bearish traders. The expiry is relatively small compared to typical weekly events and is unlikely to significantly move spot markets. Concurrently, roughly 131,000 Ethereum options contracts worth $242 million are also set to expire, bringing combined notional value across both assets to around $1.4 billion.
The $70,000 strike carries the highest open interest for Bitcoin options at $1.6 billion, though substantial positions remain at $60,000 as well. Total Bitcoin options open interest across all exchanges has risen to $30 billion. According to derivatives analysis, puts continue trading at a premium to calls across major timeframes, though this premium has become less pronounced than in prior weeks—a shift interpreted as reduced panic about imminent declines while still reflecting demand for downside protection.
Spot markets rallied mid-week following cooler-than-expected U.S. inflation data but eroded those gains by Friday. Bitcoin declined roughly 2 percent from an intraday peak of $64,800 to $63,300 during Asian trading hours on expiry day, while Ether fell nearly 4 percent from a six-week high to around $1,850. Whether the expiration itself will catalyze further volatility remains uncertain, particularly given the event's small scale relative to historical precedent.