Key Highlights
- Bitcoin’s put/call ratio is 0.50, indicating approximately two call options for every put option ahead of expiry.
- Ethereum options expiring tomorrow have a nominal value of approximately $297.6 million, with put options leading calls by a 1.51 ratio.
- Deribit calculates expiry settlements using index prices recorded between 10:30 and 11:00 Turkish time.
Bitcoin Options Show Call-Heavy Positioning Ahead of Expiry
Bitcoin’s put/call ratio for the upcoming expiry stands at 0.50. This means approximately two call options remain open for every put option. The ratio reflects the distribution of contracts still open before expiry, although investors may use both call and put options as part of broader hedging strategies involving multiple contracts.
The maximum pain level for Bitcoin is calculated at $76,000, approximately 6.5% above the index price shown on the same chart. Following today’s sell-off, the gap between the index and that level has exceeded $4,600. The maximum pain level is the price at which the largest number of options would expire without value for holders.
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Ethereum Put Options Lead as $2,000 Becomes a Key Strike
Ethereum options expiring tomorrow represent a nominal value of approximately $297.6 million across 148,741 contracts. Put options account for 89,498 contracts, compared with 59,243 call options. This produces a put/call ratio of 1.51, meaning that approximately 151 put options are open for every 100 open call options.
Ethereum’s maximum price is listed at $2,200, while today’s chart shows the $ETH index at $2,001. The difference between the two levels is approximately 10%, making the $2,000 area another important level for traders monitoring the expiry.
Optionly’s weekly expiration chart, which combines data from Deribit and Derive, shows approximately 49,000 $ETH in put options at the $2,000 strike price. If Ethereum’s settlement price remains below $2,000, those put options gain payout value. If the settlement price remains above $2,000, the contracts expire worthless.
The Expiry Window to Watch: 10:30–11:00 Turkish Time
Deribit determines the settlement price at expiry using the time-weighted average of index values recorded between 10:30 and 11:00 Turkish time. As a result, price movements during the final half hour of that window are included in the payment calculation for expiring contracts.
Why This Matters
The distribution of Bitcoin and Ethereum options provides a snapshot of positioning ahead of expiry. Bitcoin’s call-heavy ratio contrasts with Ethereum’s stronger concentration of put options, while the $76,000 Bitcoin level and $2,000 Ethereum strike may remain important reference points as settlement approaches.
The final settlement calculation depends on the relevant index values during Deribit’s designated 30-minute window, rather than on a single last-traded price. This makes price action between 10:30 and 11:00 Turkish time particularly significant for options holders and traders monitoring potential payouts.
Frequently Asked Questions
What is the Bitcoin put/call ratio?
The Bitcoin put/call ratio is 0.50 for this expiry, indicating approximately two open call options for every open put option.
How many Ethereum options expire tomorrow?
Approximately 148,741 Ethereum options expire tomorrow, with a nominal value of about $297.6 million. There are 89,498 put options and 59,243 call options.
When does Deribit calculate the expiry settlement price?
Deribit uses a time-weighted average of index values recorded between 10:30 and 11:00 Turkish time to determine the settlement price at expiry.
This is not investment advice.
