Deribit Leads with $40B in Bitcoin Options Interest

On Friday, the derivative exchange Deribit reached an impressive milestone, topping $40 billion in open interest for Bitcoin options. This event marked the largest quarterly expiry of 2025, with overall open interest across all platforms surpassing $45 billion. Deribit stands out, controlling nearly 90% of the Bitcoin options market. On that day, 139,000 BTC contracts, with a notional value of approximately $15 billion, expired. The put-call volume ratio of 0.75 indicated a more bullish position among traders, while the maximum pain point was at $102,000. Options give holders the opportunity, but not the obligation, to buy or sell at predetermined prices. Calls generally reflect optimism for price increases, while puts are used to hedge against price declines. Additionally, Ether options also experienced significant activity, with 939,000 ETH contracts worth about $2.29 billion settling. The put-call ratio for ETH was 0.52, with a maximum pain point near $2,200. In other developments, Coinbase has made a strategic move by agreeing to acquire Deribit's platform for $2.9 billion, aiming to expand its presence in the U.S. marketplace. Post-expiry, BTC and ETH exhibited mixed responses. Bitcoin remained stable at $106,800, whereas Ether decreased by nearly 2% to $2,440. Volatility metrics showed a similar divergence; Bitcoin's implied volatility was below 35%, reflecting relative stability, while Ether approached 65%, showing higher uncertainty. Altcoins followed Ether's downward trend. Despite these fluctuations, BRN's analysis suggested that current market conditions still support accumulation rather than a bearish trend. In summary, while Bitcoin demonstrated resilience during the options expiry, altcoins encountered anticipated pressure. Modest declines post significant volume suggest market consolidation rather than any underlying weakness. Disclaimer: The Block is committed to providing independent and objective coverage of the crypto industry. Foresight Ventures, a major investor, does not influence The Block's editorial independence.