On Friday, Bitcoin options contracts with a notional value of $11 billion are set to expire on the Deribit exchange. This batch involves approximately 135,000 Bitcoin, consisting of 88,700 call options and 46,500 put options. The current put-to-call ratio stands at 0.52, indicating that call options outnumber put options by nearly two to one.
The total notional value represents about one-third of all open Bitcoin options on Deribit and is 70% higher than the $6.4 billion that expired in August. While the headline figure is $11 billion, roughly 86% of these contracts are currently out of the money. Settling at current market prices would involve approximately $130 million, which is about 1% of the total notional value.
Traders are monitoring the max pain point, which is currently set at $78,000. Major call positions are concentrated at $95,000 and $100,000, while the largest cluster of put options is at $70,000. Over the past 24 hours, Deribit recorded over 6,000 contracts changing hands, marking the highest trading volume for a Bitcoin options expiry date on the platform.
The upcoming expiry follows the Federal Reserve's decision to maintain interest rates between 3.75% and 4.00%. Market participants are also looking ahead to December 25, when another batch of options covering approximately 135,500 Bitcoin is scheduled to expire. This follows the next Federal Reserve meeting, which is slated for December 8–9.
