Approximately $9.8 billion in Bitcoin and Ether options expired on Deribit at 08:00 UTC on April 24, completing one of the larger single-session derivatives settlements in recent weeks. The expiry removes a large layer of derivatives-driven hedging pressure from the market in the short term.
Bitcoin options accounted for about $8.5 billion of notional value, while Ether options represented roughly $1.33 billion, according to exchange data.
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At expiry, Bitcoin traded near $77,900, well above its “max pain” level of $72,000. Ether changed hands around $2,315 versus a max pain level of approximately $2,200. In both cases, spot prices remained above the key options concentration zones.
The Bitcoin put/call ratio stood at 0.94 ahead of expiry, indicating broadly balanced positioning with a slight call bias.
Ether’s put/call ratio of 0.74 reflected a stronger tilt toward call exposure. Open interest was concentrated in higher strike levels above prevailing spot prices in both markets.
Post-Expiry Market Focus Shifts
With contracts now settled, attention shifts to the post-expiry market structure. Options-related hedging flows typically unwind after settlement, which can reduce dealer-driven spot activity tied to large open interest clusters.
Historically, when large option expiries clear with spot above max pain, derivatives-driven volatility tends to decline temporarily as hedging flows unwind.
Bitcoin Open Interest Shows Gradual Deleveraging
As per Coinglass data, Bitcoin derivatives open interest totals about 744,640 BTC ($57.7B), down roughly 0.6% on the day and about 4% over recent sessions. This points to a gradual, broad-based reduction in leverage following recent volatility and the options expiry.
Most major venues, including CME ($9.61B), Binance ($9.98B), and MEXC ($5.93B), recorded slight declines in positioning. Overall, the data suggest a cooling derivatives market rather than a sharp liquidation-driven reset.
Why This Matters
Options expiry of this size can temporarily distort short-term price dynamics as hedging flows unwind and liquidity resets across derivatives markets.
With expiry cleared, Bitcoin price action is now more likely to be driven by spot demand and macro flows rather than derivatives positioning, at least in the near term.
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People Also Ask:
A crypto options expiry is the date when Bitcoin or Ether options contracts settle, determining final payouts based on market price at expiration.
Large expiries can impact price because traders and market makers adjust hedging positions in the underlying market as contracts approach settlement.
Generally, no. Expiries mainly influence short-term volatility and positioning, while long-term trends are driven by spot demand and macro factors.
