Bitcoin Options Worth $12 Billion Set to Expire on Deribit
On Friday, over 139,000 Bitcoin (BTC) options contracts valued at $12.13 billion will expire on Deribit, accounting for nearly 45% of all active BTC contracts. The breakdown includes:
- 65% in call options for bullish exposure
- 35% in put options for downside protection
Despite the large volume, market volatility is not expected due to:
- A decline in the bitcoin 30-day implied volatility index (DVOL) from 62% to 48%
- A stable annualized perpetual futures basis around 5%
Luuk Strijers, CEO of Deribit, indicated that the current setup suggests a subdued expiry unless external factors arise. Options skew indicates some demand for immediate downside protection, while medium-term outlook remains positive.
Additionally, ether (ETH) options worth $2.8 billion will also expire on the same day.