Greater than $16 billion in Bitcoin and Ethereum choices are set to run out on October 31, 2025, at 8:00 UTC on Deribit. This marks one of many largest month-to-month crypto derivatives occasions of the yr.
This expiry surpasses final week’s $6 billion occasion as a result of month-to-month rollover of October contracts. Merchants and buyers ought to carefully watch max ache ranges and positioning, each of which might impression short-term worth motion.
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Bitcoin Choices Market Reveals Bullish Positioning
Right this moment’s expiring choices are for the month, which makes them considerably increased than the $4 billion seen final week.
Bitcoin is buying and selling at $91,389 as of this writing, heading into expiry, whereas the utmost ache level sits at $100,000, suggesting the market is closely skewed towards the upside regardless of latest turbulence. At this strike worth, choice holders will expertise essentially the most losses.
Traditionally, Bitcoin’s worth tends to maneuver towards the max ache zone as expiry nears, a results of market makers hedging their positions. Throughout this expiry, 145,482 contracts value $13.28 billion will shut.
The put-to-call ratio is 0.54, signaling extra merchants are betting on positive aspects than on losses. However, Deribit knowledge exhibits that the decision open curiosity of 94,539 contracts exceeds put open curiosity at 50,943.
Expiring Bitcoin Choices. Supply: Deribit
In response to analysts at Deribit, the latest market pullback performed a important function in shaping positioning. They are saying merchants who had been lengthy places took revenue (TPd) when Bitcoin hit the $81,000 to $82,000.
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“After a 35% plunge from $126,000, Put longs TPd vs $81,000-82k while still keeping cautious protection v long Spot BTC with 80-85k Strikes. But the dominant trade of the week was a bullish EoY Dec 100-106-112-118k Call Condor initially 12k, ~$6.5m premium, looking for a Santa rally,” wrote Deribit analysts.
This massive name condor, an choices construction designed to seize upside inside an outlined vary, has been the standout commerce each in measurement and sentiment.
2) Initially shopping for began v 865xx, and as much as 88k for the unique 12k blocks, with follow-on copycat and buybacks including 2.5k quantity in the identical technique.
If operating to expiry, the client targets 100k+ by Dec26, with a perfect last settle between 106-112k, with 10:1 max payoff. pic.twitter.com/cR2e9Yvpho
— Deribit Insights (@DeribitInsights) November 27, 2025
Such aggressive end-of-year positioning means that, even after the correction from all-time highs, a subset of merchants continues to be betting on a robust rebound in December.
On the similar time, different market members have been actively capping upside via overwriting methods.
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“Hidden beneath the Call condor volume were persistent and familiar Call over-writers on the Dec100k and Jan 100-105k Calls. These and the general relaxation of downside fear have dampened IVs, but with RV still performing and 2-way Put (+spread) action, much is inconclusive,” the analysts wrote.
Total, BTC’s choices board exhibits a stress between long-dated bullish conviction and near-term warning. These situations usually set the stage for heightened volatility within the settlement window, which is 08:00 UTC on Deribit.
Ethereum Faces $1.7 Billion Expiry With Reasonable Skew
Ethereum is buying and selling at $3,014, with a max ache degree of $3,400 for at the moment’s expiry. The asset has 387,010 calls open versus 187,198 places, totaling 574,208 contracts and a put–name ratio of 0.48. ETH choices account for $1.73 billion in notional worth, making it the second-largest part of at the moment’s expiry.
In contrast to Bitcoin, ETH’s positioning is much less excessive. The draw back skew is lighter, and open curiosity is extra evenly distributed throughout main strikes.
With merchants watching ETH’s consolidation relative to BTC, a lot of at the moment’s affect could come from whether or not Bitcoin volatility spills over into the broader market.
With billions in open curiosity unwinding, liquidity situations might shift shortly throughout each BTC and ETH.
If spot costs drift towards max ache ranges, market makers could exert dampening results; if volatility spikes, these expiries might act as accelerants.
Both approach, at the moment’s settlement arrives at a pivotal second, with merchants cut up between defensive hedging and daring year-end bullish bets.
