Bitcoin and ether (Eth) Options worth more than $ 14.6 billion should expire on Friday overwrite in what promises to be one of the most important derivative events of 2025.
The expiration is strongly biased towards the Put BTC options, highlighting a continuous demand for downward protection, while it is more balanced for ether.
At the time of writing the editorial staff, 56,452 BTC purchase options and 48,961 PUT options were due for the regulations, totaling a notional open interest of $ 11.62 billion, according to the metrics of data data. Deribit is the largest exchange of crypto options in the world, representing 80% of world activity. On Deribit, an option contract represents a BTC or ETH.
A more in -depth examination of open interests reveals a concentrated activity in put options with exercise prices between $ 108,000 and $ 112,000. Conversely, the most popular appeal options are grouped to $ 120,000 and more.
In other words, the price close to the money is around the current price of the BTC market of around $ 110,000 is much sought after, while calls with higher additional prices reflect hopes for more increase.
In the case of Ether, a total of 393,534 calls is due to a payment, exceeding the count of 291,128 by significant margin, which totaled $ 3.03 billion in notional open interest.
The significant OC is concentrated in calls for $ 3,800, $ 4,000 and $ 5,000, and installation options for $ 4,000, $ 3,700 and $ 2,200.
“BTC expires points to persistent downward protection demand, while ETH seems more neutral. Combined with Jackson Hole signal from Powell, this expiration can help set the tone of the market for September,” said Deribit on X.
The options are derivative contracts which give the buyer the right to buy or sell the underlying asset at a predetermined price at the latest at a specified future date. A purchase option gives the right to buy and represents a bullish bet on the market. Meanwhile, a sales option provides insurance against price slides.
The options market has grown up since 2020, monthly and quarterly establishments gaining importance as major market movement.
By 2021, some observers have proposed that prices tend to gravitate towards levels of “maximum pain” – the prices of the beginning where the holders of options are subsistence – in the days preceding the expiration. However, the validity of this theory remains a question of debate between traders and analysts.
During writing, maximum pain levels for bitcoin and ether are respectively $ 116,000 and $ 3,800, serving as focal points for believers of maximum pain theory.
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