$14.6B Bitcoin and Ether Options Expiry Highlights Demand for BTC Protection

Over $14.6 billion in Bitcoin (BTC) and ether (ETH) options are set to expire on Deribit, the largest crypto options exchange, on Friday. Key details include:

56,452 BTC call options and 48,961 put options with a total open interest of $11.62 billion.
Demand for BTC puts indicates ongoing interest in downside protection, while ether options show a more balanced market.
Concentrated open interest for BTC put options is between $108,000 and $112,000, with calls primarily at $120,000 and above.
For ETH, 393,534 calls and 291,128 puts represent a notional open interest of $3.03 billion, with significant activity at strike prices of $3,800, $4,000, and $5,000.
Max pain levels are currently $116,000 for BTC and $3,800 for ETH, which may influence price movements leading up to expiry.

As the options market has expanded since 2020, settlements have become major market events. The notion that prices trend toward 'max pain' levels remains debated among traders.