$15B Bitcoin Options Expire on Deribit in 2025’s Largest Quarterly Expiry

Kelvin Munene Murithi
June 27, 2025
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$15B Bitcoin Options Expire on Deribit

Highlights

  • Deribit saw $15B in Bitcoin options clear, with $40B in open interest, marking the largest expiry of 2025.
  • Bitcoin held steady near $106,800 during Deribit’s record expiry, reflecting investor optimism and speculation.
  • Ethereum's options expiry saw 939K contracts settle, with max-pain at $2,200, indicating balanced market sentiment.

Crypto derivatives exchange Deribit has experienced a record-setting expiry event on June 27, with over $15 billion in Bitcoin options clearing. This marked the largest quarterly expiry of the year, as Bitcoin options open interest exceeded $40 billion on the platform.

As a result, Bitcoin maintained steady levels near $106,800, while Ethereum showed signs of consolidation, highlighting both the strength of Bitcoin and the ongoing stability in altcoins during the expiry.

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Bitcoin Options Expiry Hit 2025 Highest

On the day of the expiry, Deribit set a new record for Bitcoin options open interest, surpassing $40 billion. The exchange accounted for nearly 90% of the total open interest across all platforms, reflecting its dominance in the crypto options market. According to data, the total open interest across all venues briefly exceeded $45 billion, with Deribit leading the charge.

In total, 139,000 BTC options contracts, worth about $15 billion, expired. This event saw the put–call ratio settling at 0.75, signalling more bullish bets than hedges. The max-pain level, the price point where options buyers lose the most, was pinned at $102,000.

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These expirations could have far-reaching effects, as they often bring volatility and price movement. The expiry also coincided with a cooling trend observed in the Bitcoin market, as pointed out by CryptoQuant, which highlighted that Bitcoin was near its all-time high but showing no signs of overheating. The report noted that with almost no Bitcoin left on exchanges, a supply shock could be on the horizon.

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Expiry Event Signals Investor Optimism

The quarterly Bitcoin expiry saw investors get optimistic given the bulls stance in the market. The 0.75 putcall ratio indicates an investor inclination to place themselves in a position that wagers on a price rise rather than hedges against a possibility of decline. This expiry event was hoovering around a max-pain price of $102,000 and drove the Bitcoin movements on the market.

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Nevertheless, the Bitcoin price did not fall, with the price stable at about $106,800, and the futures volume also high, as per Glassnode. This implies that the last price changes may have been more associated with leveraged speculation rather than natural demand. Most traders were anticipating the possibility of any price movement that might come after the expiry that might be determined by large investors who might alter their positions.

In conjunction with the expiry of Bitcoin, Ethereum options contracts also expired, with 939,000 ETH contracts settling at a notional value of 2.29 billion. Ethereum had a putcall ratio of 0.52 indicating more balanced opinion, and max-pain was pegged on ETH at $2,200.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.