Max Pain

Deribit

2026-10-08 16:57:07

35% of Deribit Bitcoin Options Open Interest Is Set to Expire on Oct. 30

Coinbase Markets said in a post on X that 35% of open interest in Bitcoin options on Deribit is concentrated in contracts expiring on Oct. 30. The largest strike-price clusters are at $95,000, $90,000, and $100,000. At the time of the post, spot Bitcoin was trading at $82,973, while the max pain reference level stood at $78,000. The update points to a sizable share of outstanding options positioning gathering around a single expiry date, with open interest also concentrated at several higher strike levels. The figures cited in the post were attributed to Coinbase Markets.

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Bitcoin optio

2026-10-08 03:15:23

$2.16 Billion in BTC and ETH Options Set to Expire on Oct. 9, With Max Pain at $84,000 and $2,650

Roughly $2.16 billion in Bitcoin and Ethereum options are due to expire on Oct. 9, according to data released by Greeks.live. The expiry includes about 22,000 BTC options with a put/call ratio of 1.12, a max pain point of $84,000, and notional value of about $1.84 billion. On the Ethereum side, around 123,000 ETH options are set to expire, carrying a put/call ratio of 0.71, a max pain point of $2,650, and notional value of about $320 million. Greeks.live said the upcoming expiry accounts for about 6% of Bitcoin options open interest and 9% of Ethereum options open interest. The firm added that the market spent most of this week in a corrective phase, with BTC still waiting for a directional break. Implied volatility remains at low levels, which points to muted expectations for future price swings and a cautious stance from buyers unwilling to pay higher premiums for directional bets. The firm also noted that GEX positioning is concentrated around the round-number levels of $90,000, $95,000, and $100,000, while positioning near $80,000 and $85,000 is relatively light heading into expiry. After more than a month of rebound in the crypto market, Greeks.live said sentiment has improved and spot exposure may still be worth keeping, while low IV in monthly out-of-the-money options leaves room for protective bearish positioning.

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Bitcoin optio

2026-10-08 02:22:41

$2.16 Billion in BTC and ETH Options Set to Expire on Oct. 9

A fresh batch of crypto options is heading for expiry on Oct. 9, with the combined notional value of Bitcoin and Ether contracts reaching $2.16 billion, according to Greeks.live researcher Adam in a post on X. The data shows 22,000 BTC options are due to expire, carrying a put-to-call ratio of 1.12, a max pain point of $84,000, and notional value of $1.84 billion. On the Ether side, 123,000 ETH options are set to expire, with a put-to-call ratio of 0.71, a max pain point of $2,650, and notional value of $320 million. Adam also said the upcoming settlement will account for 6% of open Bitcoin options interest and 9% of Ether options interest. He added that the market spent most of the week in a pullback and is still waiting for BTC to choose a direction. Based on the main options metrics, implied volatility remains at a relatively low level, while IV across major expiries has continued to decline. Adam said buyers are not willing to pay higher prices to bet on the next move. He also noted that GEX is concentrated around $90,000, $95,000, and $100,000, while positioning near the settlement area at $80,000 and $85,000 is relatively light.

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Bitcoin

2026-09-25 12:11:42

Bitcoin Holds Above $84,000 After $16 Billion Options Expiry as Market Shifts Into Gamma Reset

Bitcoin came through one of the biggest options settlement events of the year without the sharp sell-off some traders had feared. Roughly $16 billion in BTC options on Deribit expired at 08:00 UTC on Sept. 25, accounting for about 37% of the platform’s open interest at the time. Even after the expiry, BTC was still trading around $84,100 to $84,300 in Asian evening hours. The report argues that the more important development is not the headline expiry figure itself, but the structural change left behind after a large batch of quarterly contracts disappeared. Data shared by Deribit CEO Luuk Strijers showed about $15.9 billion in expiring BTC options, including roughly $9.4 billion in calls and $6.5 billion in puts, with a put/call open-interest ratio of about 0.69. That left positioning still tilted toward calls. The article also notes that max pain near $75,000 did not act as a price magnet. Instead, positive gamma around $85,000 may better explain why BTC stayed in a relatively tight range before expiry. With those contracts now gone, the market is entering a new phase in which open interest, gamma exposure, and hedging flows will be rebuilt across October and December expiries.

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Bitcoin

2026-09-18 00:23:48

Coinbase Markets shows shifts in this week’s Bitcoin and Ethereum options positioning

Coinbase Markets data shows that the structure of this week’s Bitcoin and Ethereum options expiry has changed from last Friday. Bitcoin options carry about $1.73 billion in open interest notional value, with a max pain point at $77,500. Its put-to-call open interest ratio rose from 0.61 to 0.78, pointing to a more balanced positioning mix, though calls still lead. Ethereum options show a notional open interest value of about $362 million, with a max pain point at $2,500. Positioning in ETH changed more sharply than in BTC. Last Friday, put open interest was higher than call open interest, but that relationship reversed this week. Call open interest has now climbed to more than double put open interest, while the put-to-call ratio fell to 0.49. The figures indicate that both major crypto options markets saw changes ahead of expiry, with Bitcoin’s distribution moving closer to balance and Ethereum’s positioning turning more decisively toward calls.

510

Bitcoin

2026-08-30 23:50:43

Bitcoin Futures Open Interest Reaches $54.82B; Sept. 25 Options Max Pain Near $70K-$73K

Bitcoin futures open interest stands at 695,020 BTC, worth approximately $54.82 billion, down 0.26% in the last hour and 0.38% over four hours but still 1.15% higher over the past 24 hours. Binance holds 142,500 BTC of the total, equivalent to $11.24 billion and about 20.5% of the market. Options data from Deribit shows call open interest at 288,409.93 BTC (60.89%) and puts at 185,234.42 BTC (39.11%). Over the past day, put trading was more active, accounting for 54.49% of volume with 12,380.77 BTC traded, versus 10,339.78 BTC for calls. For the Sept. 25 expiry, Deribit, Binance and OKX all point to a max pain zone near $70,000 to $73,000. Spot bitcoin stood at $78,425 as of 19:00 ET on Aug. 30, while futures positioning remains elevated, according to Bitcoin.com News via Odaily.

980

Bitcoin

2026-08-28 03:52:58

$6.44 Billion in Bitcoin Options Expire on Deribit as Traders Watch the $70,000 Max Pain Level

A large Bitcoin options expiry is set to hit Deribit on Aug. 28, with contracts carrying a notional value of $6.44 billion coming off the board as BTC tests the upper end of its recent rebound. The batch covers 81,700 contracts, or nearly one-fifth of Deribit’s Bitcoin open interest, with 44,639 calls and 37,061 puts, leaving the put-to-call ratio at 0.83. Traders are closely watching the so-called max pain level near $70,000, which Deribit data cited in the report places roughly $9,000 to $11,000 below the current spot price. Open interest is also concentrated at the $75,000 and $80,000 strike levels, areas the report describes as key positioning zones for options sellers rather than guaranteed price targets. The timing has added another layer of attention. The expiry falls on the second day of the Jackson Hole central banking symposium, where new Federal Reserve Chair Kevin Warsh is due to deliver his first featured speech since taking office. New Market Trading CEO Frank Hepworth said options expiry tends to sound more alarming than it is in practice, noting that 62% of the contracts are expected to expire out of the money and that September’s expiry size is projected to be nearly double this one.

1090

Deribit

2026-07-30 10:21:33

Deribit says roughly $10.3 billion in BTC and ETH options will expire tomorrow at 16:00

Deribit data shows that roughly $10.3 billion worth of Bitcoin and Ether options are set to expire tomorrow at 16:00. The BTC portion carries a notional value of about $9.5 billion, with a put-to-call ratio of 0.28 and a max pain point of $64,000. The ETH side accounts for about $819.3 million in notional value, with a put-to-call ratio of 0.59 and a max pain point of $1,800. The figures were cited in a market update sourced from Deribit.

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