Deribit, the leading crypto options exchange, hosted the largest Bitcoin options expiry of the year on June 27, 2025. A total of $15 billion in BTC options expired, making it the biggest quarterly expiry so far. During the event, Bitcoin stayed close to $106,800, reflecting strong investor interest.
Over 139,000 Bitcoin contracts were settled on the day, with Deribit capturing nearly 90% of total open interest across all platforms. Total open interest briefly exceeded $45 billion, according to market data. Deribit alone accounted for more than $40 billion, setting a new record for the platform.
The put-to-call ratio for the expiry stood at 0.75, showing that most traders were betting on a price rise rather than protecting against losses. The max-pain price, the level at which options buyers lose the most, was set at $102,000. However, Bitcoin stayed above that number, showing that buyers were confident. At the time of writing, Bitcoin is at $106,614.
Meanwhile, Ethereum options also had a big expiry. Around 939,000 ETH contracts settled with a notional value of $2.29 billion. The ETH put-to-call ratio was 0.52, suggesting a more balanced market sentiment. The max-pain level for Ethereum was pegged at $2,200.
Crypto analytics platform CryptoQuant reported that Bitcoin showed no signs of overheating, even though it was near its all-time high. It noted that with most BTC withdrawn from exchanges, a supply shock could be ahead. “With almost no Bitcoin left on exchanges, a supply shock could be on the horizon,” the firm stated.
Futures trading volume also remained high during the expiry event. According to Glassnode, this could indicate that recent price action was driven more by leveraged speculation than actual demand. Traders appeared to be positioning themselves for possible moves after the expiry.
This quarterly expiry reflects growing interest in crypto options while showing how much power Deribit has in the crypto options space. The numbers show that major investors are closely watching these events to shape their next move. As volatility stays low and sentiment leans positive, eyes are now on how the market reacts in the coming days.
Also Read: Coinbase Set to Launch Crypto Futures for Bitcoin, Ethereum
