Bitcoin quarterly options settlement approaches, with a notional value of USD 16 billion and a high share of call options
BIBIBI
AT A GLANCE
Approximately USD 15.9 billion in BTC options will expire on September 25, with call positions dominant and short-term volatility potentially increasing.
Article
Analysis: Nearly USD 16 billion in BTC options will expire this Friday, with the put/call open interest ratio at just 0.69
PANews reported on September 23, citing CoinDesk, that approximately USD 15.9 billion in BTC options and USD 2.1 billion in ETH options will expire at 8:00 (UTC) on September 25. The BTC options expiry represents approximately 37% of Deribit's current USD 43.5 billion in total BTC options open interest. Deribit CEO Luuk Strijers said call option positions dominate this quarterly expiry, with a put/call open interest ratio of 0.69, indicating that the market had primarily been positioning for price gains. Currently, 55% of approximately USD 9.4 billion in calls are in the money, while the BTC options max pain point is USD 75,000. Strijers said that after expiry settlement, market-maker hedging and gamma effects may recede, potentially increasing BTC short-term volatility and causing the market's trading range to readjust.
Approximately USD 15.9 billion in BTC options and USD 2.1 billion in ETH options will expire at 8:00 (UTC) on September 25.
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The BTC options expiry represents approximately 37% of Deribit's current USD 43.5 billion in total BTC options open interest.
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Deribit CEO Luuk Strijers said call option positions dominate, with a put/call open interest ratio of 0.69.
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Currently, 55% of approximately USD 9.4 billion in calls are in the money.
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The BTC options max pain point is USD 75,000.
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Luuk Strijers said that after expiry settlement, market-maker hedging and gamma effects may recede, potentially increasing BTC short-term volatility and causing the market's trading range to readjust.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This batch of BTC and ETH options is about to settle. The put/call open interest ratio is 0.69, which the source interprets as the market having previously placed more bets on price increases. After settlement, options-related hedging activity and gamma effects may weaken, so short-term price volatility may change.
Why it matters to readers
The expiry is substantial, with the BTC expiry representing approximately 37% of Deribit's current total BTC options open interest. The source states that settlement may affect market-maker hedging and lead to a readjustment in short-term volatility and the trading range.
Beginners should note that this is an analysis of options expiry and potential volatility; it does not mean BTC will necessarily rise or fall. The 0.69 put/call open interest ratio reflects the position structure described in the article, not a certain price forecast.
Risks and unknowns
The reported data and assessments are said to come from CoinDesk and Luuk Strijers; the source provides no independent verification information.
“Short-term volatility may increase” and “the trading range may readjust” are forward-looking assessments, and the outcome remains uncertain.
The article specifies only September 25 and does not state the year.
The source does not explain the specific statistical methodology or data update time for the relevant figures.
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Related concepts
Options
Grants the holder the right to buy or sell an asset, but does not obligate the holder to exercise it.
