Nearly $14.9 billion worth of Bitcoin and Ethereum options are set to expire today, marking one of the largest monthly expiries of 2025. The expiry event, dominated by positions on Deribit, is expected to inject heightened volatility into the market as traders rebalance, close, or roll over positions. The scale of the expiry has already fueled speculation across trading desks, with many anticipating wide price swings in both assets.
The options market plays a key role in determining short-term price direction for major cryptocurrencies. That process can amplify price movements, particularly when market sentiment is already fragile.
Bitcoin is trading below $80,000 ahead of the expiry, where significant open interest in put options has accumulated. According to recent analysis from CoinDesk, heavy put positioning at this level could increase downside pressure if options settle in-the-money, prompting additional selling or liquidations. Ethereum is facing similar dynamics, with large clusters of open interest around key psychological and technical levels.
This phenomenon, known as “pin risk,” often compels them to buy or sell large amounts of BTC and ETH to remain delta-neutral. In previous cycles, these adjustments have led to abrupt market swings, particularly in the hours leading up to expiry.
Today’s $15 billion expiry is not unprecedented. In July 2025, a similarly large $14.6 billion options expiry triggered sharp intraday moves across the market. Bitcoin and Ethereum experienced swings of between 5% and 10% during that period as traders reacted to rapid shifts in leverage and liquidity. Analysts point to that event as a reminder that options expiries of this size often coincide with unstable price conditions.
With nearly $15 billion in combined BTC and ETH options rolling off today, analysts expect increased activity across both spot and derivatives markets. Some traders will hedge aggressively to protect positions, while others may use the volatility as a trading opportunity.
Regardless of strategy, one expectation is universal: the next 24 hours are likely to bring significant price fluctuations. As options settle and leveraged positions unwind, Bitcoin and Ethereum could see rapid shifts in direction, creating a highly reactive environment for traders. The broader market is now watching closely to see whether the expiry event triggers a deeper correction or sparks a rebound driven by fresh repositioning.