Bitcoin and Ethereum Options Worth Billions Set to Expire

• Lyla Velez
• September 26, 2025
• Market
• 0 Comments

The Expiry Statistics

The event involves roughly $21–23 billion in Bitcoin and Ethereum options expiring today, led by Deribit with significant open interest. OKX and CME also hold substantial amounts, making it one of the largest option expiries recorded.

Major exchanges like Deribit dominate the event, holding $17.07 billion in Bitcoin options, while OKX and CME follow with $1.9 billion each. Ethereum’s option activity marks a $5.12 billion expiry, emphasizing its role in today’s market focus.

Market Impact

Market volatility is anticipated with Bitcoin’s pre-expiry price at $109,426 and Ethereum’s at $3,922, letting traders witness over $275 million in leveraged position liquidations. Implied volatility is high, suggesting rapid price movements.

Such large expiries typically result in sharp market movements, leading to increased trading volume and potential price manipulation. Institutional and retail investors stay alert for volatility spikes and spot price adjustments.

Historically, these expiries have acted as triggers for volatility, often aligning with the “max pain” levels, guiding market tendencies and creating opportunities for options traders to recalibrate. Past trends indicate notable shifts in market dynamics post-expiry.

REMINDER 🚨 $21 BILLION WORTH OF $BTC AND $ETH OPTIONS WILL EXPIRE TODAY. EXPECT HIGH VOLATILITY

Such significant events could potentially lead to major financial outcomes, influencing trading strategies and market positioning. Historical trends illustrate how option expiries have shaped pricing patterns, emphasizing the prominence of derivatives markets in cryptocurrency trading.

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