The conclusion of the week brings about the expiration of 47,000 Bitcoin options contracts, valued at around $5.1 billion. This expiration stands to be larger than the prior week’s, yet the impact on spot markets seems minimal, given their recent sideways movement.

The ongoing U.S. government shutdown and today’s postponed CPI inflation report may introduce some volatility, especially if the results surpass current expectations of 3.1%.

Bitcoin Options Expiration

This week’s Bitcoin options have a put/call ratio of 1.03, indicating a balance of long and short positions. The maximum pain point sits at around $114,000, as reported by Coinglass.

Current open interest, which reflects the value of options contracts yet to expire, peaks at $120k, $130k, and $140k, each exceeding $2 billion on Deribit. Notably, there’s over $2 billion in open interest at the $100k mark targeted by short sellers.

According to Coinglass, the total open interest for Bitcoin options across all exchanges has reached an extraordinary high of $63 billion. Deribit noted an all-time peak of $50B for Bitcoin options open interest this Friday.

🚨 Options Expiry Alert 🚨
Over $6B in BTC and ETH options expire tomorrow at 8:00 UTC on Deribit.
$BTC: Put/Call: 1.03 | Max Pain: $114K
Positioning appears balanced, with a slight edge towards puts. Traders are hedging against downside risks without significant anticipation of a selloff.
— Deribit (@DeribitOfficial) October 23, 2025

Market Outlook

BTC is currently stabilizing around the $108k range, despite a notable drop of 20-25% in futures open interest in the preceding weeks, while Bitcoin options open interest now surpasses it by $40 billion, as indicated by Deribit on Thursday.

The derivatives trading environment appears to be shifting from high leverage strategies to hedging practices. Furthermore, crypto derivatives provider Greeks Live appears bearish, reflecting trader frustrations regarding their positions amid BTC’s struggle near the $112k mark, especially with institutional purchasing impeded by a temporary service interruption on Coinbase.

This week also sees the expiration of approximately 193,000 Ethereum options, valued at $749 million, presenting a maximum pain point of $3,950 and a put/call ratio of 0.78. The cumulative notional value for Friday’s crypto options expiration is roughly $5.8 billion, combining BTC and ETH options.

The cryptocurrency market cap rose 1.8% in the last 24 hours, now totaling approximately $3.8 trillion. Bitcoin briefly climbed over $111,000 late Thursday before slight retracement on Friday. ETH, SOL, and BNB have showcased remarkable gains recently.