Over $3.9 billion in Bitcoin and Ethereum options contracts will expire today at 8:00 UTC on Deribit, with traders maintaining a bullish stance despite sharp price declines earlier in the week.
The major expiry event on Deribit will feature a call-heavy positioning for both assets, signaling cautious optimism amid volatile market conditions.
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Bitcoin Options Show Strong Call Bias Despite Price Weakness
Bitcoin traded at $86,195 as of this writing, reflecting a 7.02% decline over 24 hours. Meanwhile, as the options near expiry, 39,389 BTC contracts (total open interest) worth $3.39 billion in notional value will expire, with open interest heavily skewed toward calls.
According to Deribit data, calls reached 25,920 contracts, while puts stood at 13,468, yielding a put-call ratio of 0.52. This ratio indicates that traders held nearly twice as many call (purchase) options as puts (sells) before expiry, reflecting expectations of upside potential despite the recent selloff.
The max pain price for Bitcoin was $98,000, about 14% above the current trading level. Max pain marks the strike price at which most options become worthless, thereby maximizing the loss for holders.
The pronounced gap indicates that many call holders could see significant losses at expiry, directly proportional to how much the price draws toward this $98,000 strike price.
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Bitcoin reached a record high of $126,080 on October 6, 2025, before entering a correction. The drop aligns with broader market headwinds. Previously, the Fear and Greed Index soared to an extreme greed value of 93 in late 2024.
Ethereum Traders Maintain Focus on Mid-to-Upper Strike Calls
Ethereum experienced similar pressure, trading at $2,822 after a 6.98% decline over 24 hours. The expiry covered 185,730 ETH contracts valued at $524 million notional, with 108,166 calls and 77,564 puts.
The put-call ratio for Ethereum was 0.72, showing less bullishness than Bitcoin, yet a preference for calls persisted.
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Based on the Ethereum expiring options chart above, trading focused on December 2025 expiry at 2,900 and 3,100 strikes, suggesting hopes for a rebound to those levels.
Ethereum’s max pain was at $3,200, roughly 13% above its current price, mirroring Bitcoin’s profile. Many options thus could expire out of the money. Still, persistent call exposure suggests that traders are holding onto a bullish outlook.
Market Signals Show Cautious Optimism Amid Volatility
The derivatives market structure reveals nuanced investor sentiment as today’s options expiry approaches. Although prices for both assets dropped sharply earlier, traders maintained considerable call exposure rather than increasing protection with puts or fully closing their positions.
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“Flows lean toward calls across the upper strikes while downside hedging remains light… Positioning is not signaling a major risk-off move, but traders remain cautious after this week’s sharp drop,” wrote analysts at Deribit.
Light downside hedging suggests many traders view this dip as a regular correction rather than the start of a lasting bear market. Still, the presence of caution shows that volatility could persist.
For Ethereum, Deribit observed that traders leaving call exposure open through expiry indicates confidence endures. This differs from typical risk-off scenarios, where participants quickly hedge or exit bullish trades when prices fall before expiry.
The combination of strong call positioning, high open interest, and light downside protection may result in pronounced market moves. If prices recover toward max pain levels, short-dated call buyers could find relief.
Should markets drop further, additional selling pressure could arise as bullish bets face higher losses. Upcoming sessions will show whether this cautious optimism is sustainable.
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