The largest crypto derivatives platform Deribit is scheduled to witness the expiration of $4.8 billion in options contracts at 08:00 UTC on August 22, 2025. Bitcoin options account for $3.83 billion of the total notional value, reflecting a put/call ratio of 1.31 that indicates stronger positioning among bearish traders. Ethereum options contribute $948 million, with a put/call ratio of 0.82 signaling more balanced sentiment between longs and shorts.
Open interest in Bitcoin options clusters around strike prices of $140,000, where it reaches nearly $3 billion, and at $120,000 and $130,000 levels. The estimated max pain point for Bitcoin stands at $118,000, a level where the largest number of options expire worthless. Traders will monitor whether spot prices converge on this mark at the close. Ethereum’s max pain is pegged at $4,250, with significant open interest at nearby strikes.
Compared to last week’s record-setting $5 billion expiration, the current event is smaller and is not expected to trigger extreme volatility. However, Federal Reserve Chair Jerome Powell’s keynote at the Jackson Hole symposium on the same day could introduce fresh market swings. Analysts warn that macro commentary may amplify short-term price moves even if derivative flows are trending toward equilibrium.
Bitcoin currently trades around $113,500 after testing support at $112,000, while Ethereum hovers near $4,200. Altcoins have underperformed, dragging total market capitalization down by 2 percent to $3.89 trillion. Historical patterns suggest that large options expiries often produce transient price fluctuations as participants adjust positions. Market observers recommend that risk controls be tightened and key support and resistance zones closely watched during the closing window.
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