Bitcoin options expiry of $10.9B on Deribit today with max pain at $78K creates potential volatility as traders hedge with increased put buying.
DeFi & Yields ·
On October 30, approximately 135,000 BTC in options contracts valued at $10.9 billion are expiring on Deribit at 8 AM UTC, a large monthly event that could influence spot-market volatility. The max pain level—the price at which the largest number of option buyers would incur losses—sits at $78,000, near Bitcoin's current spot price. A 0.53 put/call ratio indicates calls outnumber puts by roughly two to one, with the largest call clusters positioned well above the market at $95,000 and $100,000 strikes, while put positions cluster lower between $70,000 and $75,000.
Analysis from market participants shows heavier put buying for the November 6 expiry, suggesting traders are purchasing downside protection. The expected trading range for today's expiry is projected between $77,600 and $82,400, with the November 6 range widening to $75,200 to $85,100. Ethereum options worth $776 million also expire today with a max pain of $2,500, bringing total notional value across both assets to $11.67 billion.
The longer-term picture appears more bullish, with call-to-put ratios of 1.7 for November 27 and 1.5 for December 25, suggesting traders expect stronger upside positioning beyond the immediate hedging pressure. Bitcoin's recent volatility has included moves to $81,700 and declines to $76,000 following a $6.3 billion Binance hack.