Bitcoin quarterly options expiry worth $16 billion is call‑heavy

About $15.9 billion in bitcoin options and $2.1 billion in ether options are set to expire at 08:00 UTC on Friday, according to Deribit CEO Luuk Strijers. The bitcoin expiry alone will remove roughly 37 % of Deribit’s total open interest, which stands at about $43.5 billion.

Call‑heavy positioning

The September contract remains heavily weighted toward calls, with a put‑to‑call open‑interest ratio of 0.69. Of the $9.4 billion in bitcoin call notional, 55 % is already in the money, while puts are largely out‑of‑the‑money.

Open‑interest distribution

Open interest is concentrated around the $70,000 strike, which has the most contracts, and deep‑in‑the‑money calls sit at the $85k, $90k, $95k and $100k strikes. On the put side, defensive structures cluster at $60k, $70k and $75k, suggesting a multi‑layered support floor.

Potential market impact

Dealer hedging of short call exposure has likely added buying pressure as bitcoin moved through the $80k–$87k range. Once the quarterly settlement clears, that hedging flow will disappear, which could increase short‑term volatility and allow the price range to reset.

Key price levels to watch

• Maximum‑pain level for bitcoin is $75,000, well below the current spot of around $85,500.
• Traders will monitor price action near $85,000 as positions roll over into the October and December expiries.