At 08:00 UTC tomorrow, crypto options contracts representing $2.22 billion in underlying value will settle on trading platform Deribit.
This is a significant weekly expiry that can trigger short-term volatility as traders roll over positions
It is worth noting that Deribit controls approximately 85-90% of the global crypto options market
Bitcoin accounts for the vast majority of the action ($1.84 billion), and the data suggests a tense standoff between bulls and bears.
The put/call ratio, which measures the volume of bearish versus bullish bets, currently stands at 1.05. A ratio above 1.0 means there are more bears than bulls.
With 1.05 puts for every call, the market is currently tilted slightly toward fear or hedging, likely due to Bitcoin’s recent failure to hold $95,000.
At the same time, the max pain point is at $90,000. This is the price at which the greatest number of options (both puts and calls) expire worthless. It is the best-case scenario for the “house.”
Deribit notes that open interest “brackets” the current price. There is a wall of Puts protecting against a drop below $85,000 and a wall of Calls betting on a breakout above $90,000.
Unlike Bitcoin, Ethereum has a ratio below 1.0, meaning there is more volume in Calls than Puts. Traders are aggressively betting on upside rather than buying downside protection.
Another failed breakout
As reported by U.Today, Bitcoin failed to sustain its position above the psychological $90,000 level for the third time since November 2025. The cryptocurrency recently confirmed that the New Year’s rally to ~$94,500 was a “bull trap.”
The chart remains trapped in a sideways range defined by resistance at $92,000 and support at $85,000, but the massive options expiry could bring some fireworks.