Bitcoin options worth '$14bn' set to expire soon…40% of total open interest

JOON HYOUNG LEE

Summary

Deribit’s Bitcoin options set to expire on the 27th total about $14.16bn, roughly 40% of overall open interest (OI), it said.
Multiple analysts see $75,000 as a key resistance level for Bitcoin, and said a break above it could signal a shift into a sustained rally.
Deribit’s CCO cited implied volatility (IV) compression and geopolitical uncertainty, saying the market is expecting an orderly expiry rather than an immediate volatility spike.

Forecast Trend Report by Period

Bitcoin (BTC) options worth $14bn are nearing expiry, prompting calls for close monitoring of price volatility ahead of the settlement.

According to CoinDesk on the 24th (local time), the notional value of Bitcoin options contracts on crypto derivatives exchange Deribit that are set to expire on the 27th was tallied at about $14.16bn. CoinDesk said this accounts for roughly 40% of Deribit’s total open interest (OI), adding that market attention is focused on what impact the expiries may have on Bitcoin’s price.

The market is watching whether Bitcoin’s uptrend could gain traction after this expiry. CoinDesk reported that multiple analysts view $75,000 as a key resistance level for Bitcoin, and forecast that a break above that level could mark a shift into a sustained rally.

Some also see a chance that Bitcoin may not move sharply despite the large-scale expiry. Jean-David Péquignot, Deribit’s chief commercial officer (CCO), told CoinDesk that implied volatility (IV) compression has been observed in Bitcoin and Ethereum (ETH) over the past few trading sessions, suggesting the market is expecting an orderly expiry rather than an immediate volatility spike. Péquignot added that with geopolitical uncertainty, including the Iran war, persisting, investors are not aggressively chasing a breakout-driven market.

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