Approximately $3 billion in Bitcoin and Ethereum options expired on Deribit, revealing contrasting market sentiment between the two assets. Bitcoin's options positioning remained tilted toward calls, reflecting bullish bets, while Ethereum traders shifted toward puts, indicating defensive positioning.
Bitcoin accounted for the bulk of the expiry with roughly $2.53 billion in notional value, while Ethereum contributed between $406 million and $425 million. The combined total reached the $2.9 billion to $3 billion range.
Divergent Put-to-Call Ratios
Bitcoin's put-to-call ratio stood at 0.76, indicating more call options than puts in open interest. Ethereum's ratio reached 0.89, noticeably closer to parity and reflecting more defensive hedging activity.
Max pain levels—prices that maximize losses for option buyers—were estimated at approximately $75,000 for Bitcoin and around $2,150 for Ethereum.
Ethereum's Defensive Shift
Ethereum traders increased hedging demand for downside protection following a liquidation event that pushed Bitcoin prices below $70,000. This defensive positioning manifested in the elevated put-to-call ratio ahead of expiry.
Market Impact and Unwinding
Options expiries of this magnitude affect markets through gamma hedging, a process where dealers who sold options adjust their underlying asset positions. When options expire, these hedges are unwound, potentially creating buying or selling pressure.
The settlement appeared relatively muted, with market stabilization following the earlier liquidation event dampening typical post-expiry volatility.
Large-scale options expiries on Deribit have become recurring events, with previous expirations in December 2025 and January 2026 featuring similar notional values in the $2 billion to $3 billion-plus range.
