ChainCatcher reported, citing Deribit data, that approximately $2.51 billion worth of cryptocurrency options are scheduled to expire this Friday. The expiration is concentrated in Bitcoin and Ethereum options, with Bitcoin accounting for a notional value of $2.23 billion and Ethereum accounting for $291 million.
For Bitcoin options, the put/call ratio stands at 0.68, while the max pain level is $66,000. For Ethereum options, the put/call ratio is 0.62, with the max pain level at $1,750. A put/call ratio below 1 indicates that call options represent a larger share of positioning than put options in the relevant contracts.
Despite recent market volatility, positioning in both assets remains tilted toward call options. Bitcoin and Ethereum are both trading above their respective max pain levels ahead of expiration, and the below-1 put/call ratios show that the options structure tracked by Deribit continues to lean toward calls.