How Will Crypto Markets Move After $16B in Bitcoin Options Expire Today?

Bitcoin options worth roughly $15.9 billion are set to expire on Deribit at 8:00 AM UTC today, covering about 184,000 BTC contracts.

The expiry comes with the OG crypto trading near $84,000 after retreating from an eight-month high above $87,000, putting recent price gains against a large options settlement.

The Friday Expiry By the Numbers An expiry snapshot earlier in the week showed the Bitcoin batch carried a notional value near $15.9 billion, a max pain price of $75,000 and a put/call ratio of 0.69.

Max pain is the strike where the largest amount of options value would expire worthless. A put/call ratio below 1 means there are more call contracts than puts.