Key Points:
- On Friday, Bitcoin options worth significant sums are scheduled to expire on Deribit, although the platform does not expect a major market upheaval.
- This expiry consists of over 139,000 BTC option contracts, which make up nearly 45% of all active BTC contracts.
- Indicators such as the 30-day implied volatility index and annualized perpetual futures basis imply that market volatility expectations remain low.
Bitcoin (BTC) options worth around $12.13 billion are set to expire on Deribit this Friday. While the volume is considerable, the exchange forecasts minimal fluctuation in the market.
According to Deribit metrics, the scheduled expiration relates to 139,000 BTC options contracts, indicating a significant presence in the market.
Approximately 65% of all open interest is in call options, suggesting bullish sentiment, while the remainder is in put options that offer downside protection.
Historically, large expiry events can lead to heightened market volatility; however, the current decline in the 30-day implied volatility index—dropping from 62% to 48%—points to a stabilizing environment ahead of the expiration.
“Although the expiry is substantial, various metrics indicate a subdued market unless influenced by external factors,” said Luuk Strijers, CEO of Deribit, during the analysis.
Looking ahead, ether (ETH) options worth $2.8 billion are also due to expire this Friday.
