More than $16 billion in Bitcoin and Ethereum options are scheduled to expire on October 31, 2025 at 8:00 UTC on Deribit. This represents one of the largest monthly crypto derivatives events of the year.
Bitcoin, Ether Brace for $17B Options Expiry Amid Fed Meeting, Tech Company Earnings ⤵️https://t.co/9YAymlo7Al
— Deribit (@DeribitOfficial) October 29, 2025
The expiry includes 124,171 Bitcoin contracts worth $13.59 billion and 646,902 Ethereum contracts totaling $2.49 billion. This surpasses last week’s $6 billion event due to the monthly rollover of October contracts.
Bitcoin currently trades at approximately $109,000. The max pain price for Bitcoin sits at $114,000, which is the level where most option holders lose value.
Max pain refers to the price point at which the greatest number of options expire worthless. Market makers often hedge their positions as expiry approaches, which can push prices toward this level.
The put-to-call ratio for Bitcoin stands at 0.70. This indicates a mild bullish bias among traders.
Call open interest totals 73,001 contracts while put open interest stands at 51,171 contracts. The ratio of puts to calls suggests more traders are positioned for upside moves than downside protection.
Greeks.live analysts describe the current Bitcoin market as “fragile and bidless” following recent liquidations. Key support levels are $112,000 and the CME gap from $110,000 to $111,000.
Resistance appears between $116,000 and $118,000. If support breaks, analysts are watching $106,000, which would represent a 3% correction from current prices.
Open interest has dropped from above 100,000 contracts to around 70,000 in one month. This decline shows reduced trader participation.
The decrease suggests profit-taking or lower conviction at current price levels. Falling open interest alongside steady prices points to consolidation.
Bitcoin sentiment shifted to extreme fear on Thursday, dropping from 51 points to 24 points. The recovery from neutral sentiment was short-lived.
Current Bitcoin volatility stands at a six-month peak of 1.93%. The liquidation heatmap suggests potential for short-term upside moves.
Ethereum trades at approximately $3,850. The max pain level for Ethereum stands at $4,100, just above the current price.
Ethereum’s put-to-call ratio also sits at 0.70. However, Deribit data reveals a more defensive stance among Ethereum traders.
Call open interest stands at 381,462 contracts, surpassing put open interest of 265,440 contracts. This positioning suggests traders are hedging downside risk.
Deribit analysts stated that positioning reads cautiously bullish. They noted that with US-China trade tensions easing, upside risk is stronger.
Ethereum traders remain less hedged compared to previous periods. However, puts still outweigh calls in certain expiring contracts.
The size of this expiry amplifies its possible effect on spot prices. October’s event is smaller compared to September’s $22 billion options expiry.
Open interest on Deribit stands at over $45 billion for longer-term options. This figure is near a one-year high.
Deribit notes cautious optimism tied to improving macro conditions. Greeks.live warns of ongoing downside risk and exhausted buyers.
The pressure to hedge for downside has eased as US-China trade tensions diminished. Ethereum sees demand from ETF buyers and DAT companies.
The post Bitcoin Drops to Extreme Fear as $16 Billion Options Expire Today appeared first on CoinCentral.
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