The largest quarterly Bitcoin (BTC) options expiry of 2025 concluded on June 27, setting new records and reflecting strong investor confidence. Deribit, the dominant crypto derivatives exchange, processed over $40 billion in BTC options open interest during this event, accounting for nearly 90% of global crypto options trading volume.
Key Highlights of the Expiry
- Record Volume: 139,000 BTC contracts ($15B notional value) expired.
- Bullish Sentiment: Put-call ratio of 0.75 for BTC and 0.52 for ETH indicated trader optimism.
- Max-Pain Price: $102,000 for BTC and $2,200 for ETH—levels where options buyers faced maximum losses.
Market Implications
The expiry’s scale underscores growing institutional participation in crypto derivatives. Deribit’s **$45B+ total open interest** highlights its market leadership, further solidified by Coinbase’s pending $2.9B acquisition aimed at expanding U.S. derivatives access.
Ether (ETH) also saw significant activity, with 939,000 contracts ($2.29B) expiring. The lower put-call ratio for ETH suggests even stronger bullish positioning compared to BTC.
FAQ Section
Q: What does a put-call ratio below 1 indicate?
A: A ratio below 1 (e.g., 0.75) signals more call options were bought, reflecting bullish market sentiment.
Q: Why is the max-pain price important?
A: It’s the price at which options buyers incur maximum losses, often acting as a short-term magnet for the asset’s price.
Q: How does Deribit’s dominance affect traders?
A: High liquidity and tight spreads on Deribit improve execution quality, making it the preferred platform for institutional options trading.
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