Deribit tops $40B in bitcoin options open interest amid $15B quarterly expiry

Derivative exchange Deribit topped $40 billion in bitcoin options open interest on Friday, leading the largest quarterly expiry of 2025. The Block’s data dashboard shows that open interest across all venues exceeded $45 billion, with trading on Deribit at a new all-time high, accounting for nearly 90% of OI in BTC options.

A huge chunk of that stack cleared on Friday. Deribit data showed that 139,000 BTC contracts—worth roughly $15 billion in notional value—expired on June 27. Put–call volume finished with a ratio of 0.75, signaling more bullish bets than hedges, while the max-pain pin rested at $102,000.

Options grants, but do not force holders to buy calls or sell puts at preset prices. Calls lean bullish and bet on higher prices, while puts hedge against market downturns.

Ether options also rolled off. Deribit settled 939,000 ETH contracts, equivalent to $2.29 billion in notional value. The ETH put–call ratio settled at 0.52, with maximum pain located near $2,200.

In related news, Coinbase previously agreed to acquire Deribit's platform for $2.9 billion in an expansion play for the U.S. crypto exchange.

Altcoin slide

BTC and ETH posted mixed price actions following the expiry, as Bitcoin traded flat at $106,800 and Ether slid almost 2% to $2,440, according to The Block’s price page.

Timothy Misir, BRN’s head of research, said volatility metrics displayed a similar divergence. Bitcoin’s implied volatility was compressed below 35% across short and medium-term timeframes. In contrast, Ether’s IV neared 65% and noted a 30%  multi-day spread. “This volatility differential suggests the market is pricing significantly different risk profiles, with Bitcoin viewed as relatively stable while Ethereum faces higher uncertainty despite sustained institutional interest,” Misir told The Block in a note.

Altcoins followed Ether lower. The GMCI 30 Index fell as alt leaders like XRP, SOL, and ADA slumped alongside ETH. However, BRN’s analyst says the alt market movement could drive accumulation rather than bearish sentiment.

“Bitcoin's relative outperformance during options expiry demonstrates underlying strength, while altcoins faced expected pressure from the technical overhang. The modest declines after significant options volume suggest healthy consolidation rather than fundamental weakness,” he said.