Crypto options contracts that are worth an eye-popping $2.22 billion are set to settle on trading platform Deribit tomorrow. Such a notable expiry could potentially trigger substantial volatility.
It is worth noting that Deribit controls approximately 85-90% of the global crypto options market
Key data
The flagship cryptocurrency accounts for the vast majority of the action ($1.84 billion).
The data shows that there will be an intense standoff between the bulls and the bears.
The put/call ratio, which measures the volume of bearish versus bullish bets, currently stands at 1.05. A ratio above 1.0 means there are more bears than bulls.
The market is currently tilted slightly toward fear or hedging with 1.05 puts for every call. It is likely due to Bitcoin's recent failure to reach the make-or-break-it $95,000.
At the same time, the max pain point is at $90,000. This is the price at which the greatest number of options (both puts and calls) expire worthless. It is the best-case scenario for the "house."
Deribit notes that open interest "brackets" the current price. There is a wall of puts protecting against a drop below $85,000 and a wall of calls betting on a breakout above $90,000.
Ethereum has a ratio below 1.0, meaning there is more volume in calls than puts, which is not the case for Bitcoin. Traders are aggressively betting on upside rather than buying downside protection.
Another failed breakout
As reported by U.Today, Bitcoin failed to sustain its position above the psychological $90,000 level for the third time since November 2025. The cryptocurrency recently confirmed that the New Year's rally to ~$94,500 was a "bull trap."
The chart remains trapped in a sideways range defined by resistance at $92,000 and support at $85,000, but the massive options expiry could bring some fireworks.
Godfrey Benjamin
Gamza Khanzadaev
Arman Shirinyan
Alex Dovbnya