Deribit options expiry hits a record for 2025

Bitcoin has lost 2,8% of its value over the past 24 hours

28.03.2025 - 11:35

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What’s new? Friday’s expiry of bitcoin and Ethereum options on Deribit, a leading crypto derivatives exchange, has reached a record $14,3 billion for the first quarter of 2025. Of this, the value of BTC options totaled $12,17 billion with a put/call ratio (PCR) of 0,48 and a max pain point (Max pain) of $85 000; the value of ETH contracts totaled $2,15 billion with a PCR of 0,39 and Max pain of $2400.

Источник: X.com

A call option gives buyers the right, but not the obligation, to buy assets at a set price before the expiration date. Traders typically open these contracts when they expect prices to rise. A put option allows a trader to sell assets at a set price before the contract expires. They are typically used when they expect the price of an asset to decrease.The maximum pain price is the mark that will cause a loss to the maximum number of traders when the options expire.

What else is known? The expiration on Deribit on March 28 affected 45% of open bitcoin option contracts. Exchange CEO Luuk Strijers noted that despite the volume, it would not result in a significant increase in market volatility.

Normally, such large expirations cause market volatility, but this time the situation is mitigated by the continued decline in the Deribit Implied Volatility Index (DVOL), which uses current activity in the options markets to predict price volatility over the next 30 days.

Thus, DVOL fell from 62% to 48% in the weeks leading up to this expiration, suggesting muted volatility expectations.

Before the expiration at 08:00 UTC, bitcoin was above $87 100, but by the time of writing, the asset had lost 2,8% and had fallen to $84 866. Over the month, the drop amounted to 4,6%.

ETH was at just above $2000, but after falling 6% in 24 hours, it has fallen to $1906. Over the past 30 days, the asset has lost 24%.

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