- Over $16 billion options expiry set to affect Bitcoin, Ethereum.
- Deribit hosts one of the largest expiry events this year.
- Market volatility expected; $13.59B BTC and $2.49B ETH involved.
Over $16 billion in Bitcoin and Ethereum options are expiring on Deribit today, October 31, 2025, sparking anticipation of increased market volatility.
This expiry is significant due to its potential impact on crypto market liquidity and volatility, particularly for BTC and ETH, as traders adjust their positions accordingly.
Market Impacts of the Expiry
This Expiry’s Significance
Over $16 billion in Bitcoin and Ethereum options are set to expire on October 31, 2025, on Deribit, contributing to anticipated fluctuations in the cryptocurrency markets, making it a notable event for the industry. Major participants include volatility traders, market makers, and institutional desks, emphasizing the significance of Deribit’s role as the dominant platform for BTC and ETH options liquidity.
John Jansen, CEO, Deribit, remarked, “Today’s expiry represents one of the largest crypto derivatives events this year, and we anticipate increased volatility as traders unwind or adjust their positions.” Source
Price Fluctuations and Institutional Activity
This expiration is directly affecting Bitcoin and Ethereum prices, potentially increasing volatility in the financial markets. Bitcoin options worth $13.59 billion and Ethereum options worth $2.49 billion are primarily involved. Temporary slowdown in institutional activity, seen by outflows of $470.7M in Bitcoin and $81.4M in Ethereum, highlights a risk-off sentiment ahead of the expiry.
Historical Trends and Current Market Setup
Historically, large options expiries have led to short-term price movements, often aligning spot prices with max pain levels before possible reversals, depending on macro and liquidity conditions. The current market setup suggests a mild bullish bias with a potential realignment around max pain levels. The observed put-to-call ratios and reduced market positioning highlight caution among traders as market volatility unfolds.
For those looking to explore various cryptocurrency market trends, resources like Phemex News offer ongoing updates.
