Bitcoin Options Worth $10 Billion Set to Expire Friday at Deribit

According to Bloomberg, approximately $10 billion worth of Bitcoin options will expire on Friday at Deribit crypto derivatives exchange, representing roughly 37% of total open positions and signaling heightened market volatility expectations.

Data shows a put/call ratio of 0.83, with many call options trading below current price levels. Put options are concentrated in the $60,000–$65,000 and $70,000–$75,000 ranges, suggesting short positions may gain advantage under current conditions. Deribit Chief Trading Officer Jean-David Pequignot noted that option positions were built expecting higher Bitcoin prices, but recent spot market weakness has pressured this scenario. Additional downside pressure stems from $3 billion in net outflows from US Bitcoin funds in June, with expectations of sustained high US interest rates weighing on risk assets.