- About $11 billion in Bitcoin options, roughly 135,000 BTC and a third of Deribit’s open interest, expire on Friday.
- The ‘max pain’ price sits at $78,000 against a market price near $81,500, and about 86% of the contracts are out of the money.
- The Fed held rates at 3.75% to 4% in a 10-2 vote with two dissenters favoring a hike, and the 10-year Treasury yield closed at 5.05%.
Roughly $11 billion in Bitcoin options, representing 135,000 BTC, expire Friday on Deribit, giving traders a key event to watch for potential volatility. Meanwhile, the Federal Reserve held interest rates steady between 3.75% and 4% in a 10-2 vote with two dissenters favoring a hike, and higher rates generally reduce the appeal of risk assets like cryptocurrencies.
The notional value of the contracts is massive, but actual settlement at current prices would move roughly $130 million. According to Deribit’s data, 86% of the contracts are out of the money, with the “max pain” level sitting at $78,000. Consequently, option sellers face minimal payout risk unless the spot price sees a sharp move.
The put-to-call ratio of 0.52 indicates calls outnumber puts nearly two to one, signaling market optimism. The heaviest call bets are clustered at $95,000 and $100,000, while the biggest put cluster is at $70,000, about 14% below the current market.
Traders are also analyzing Myriad’s prediction platform for sentiment readings around these strike levels. More than 6,000 contracts changed hands over the past day, making this the most active options expiry on the exchange’s records. The next major expiration falls on December 25, when roughly 135,500 Bitcoin in contracts are already set to expire.
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