Approximately 135,000 BTC in options contracts valued at $10.9 billion are set to expire on Deribit at 8 AM UTC on October 30. Combined with $776 million in expiring Ethereum contracts, the total notional value of crypto options expiring today reaches $11.67 billion, marking a substantial market event that could influence spot market volatility.
Options data reveals a 0.53 put/call ratio for Bitcoin, indicating calls outnumber puts by roughly two to one. However, the largest call clusters are positioned well above current market levels, sitting at $95,000 and $100,000 strike prices. Put positions concentrate lower, peaking between $70,000 and $75,000.
Max pain—the price point where the most option buyers would lose money while sellers profit—is estimated at $78,000 for Bitcoin, near the current spot price. At the time of writing, Bitcoin was trading just above $78,000, having dipped to $76,000 earlier following a reported $6.3 billion security incident. The cryptocurrency has declined 6% over the past month and trades approximately 38% below its all-time high of over $126,000.
For Ethereum, max pain sits at $2,500 with a put/call ratio of 0.77, while the cryptocurrency trades near $2,200, representing a 16% decline over the past 30 days.
Market analysts have identified differing sentiment across expiry dates. For the November 6 expiry during midterm week, put buying has outpaced call buying, suggesting traders are paying premiums for downside protection. Further out, longer-dated expirations show more bullish positioning, with call-to-put ratios of 1.7 for November 27 and 1.5 for December 25.
