The open interest (OI) in bitcoin options on derivatives exchanges has exceeded $45 billion, with Deribit accounting for approximately 90% of the total.
On June 27, options for 139,000 BTC with a notional value of about $15 billion expired on the leading platform in the segment. The put-call ratio was 0.75, indicating a predominance of bullish bets over hedging. The “max pain” level was at $102,000.
June 27 Options Data
139,000 BTC options expired with a Put Call Ratio of 0.75, a Maxpain point of $102,000 and a notional value of $15 billion.
939,000 ETH options expired with a Put Call Ratio of 0.52, a Maxpain point of $2,200 and a notional value of $2.29 billion.
Today is… pic.twitter.com/YoB1hOqHeu— Greeks.live (@GreeksLive) June 27, 2025
Options provide the right, but not the obligation, for an investor to buy or sell an asset at a predetermined price. Calls indicate a bet on a rise, while puts offer protection against a fall.
Deribit also saw the expiration of 939,000 Ethereum-based contracts with a notional value of $2.29 billion. The put-call ratio was 0.52, with the max pain level around $2,200.
Differences in Perception
Implied volatility for bitcoin is below 35% on short- and medium-term timeframes. The corresponding figure for Ethereum approaches 65%, noted BRN researcher Timothy Misir in a conversation with The Block.
“Such a difference indicates varying risk perceptions: the market views bitcoin as more stable, whereas ether is seen as an asset with high uncertainty, despite steady institutional interest,” the expert explained.
Following the second-largest cryptocurrency by market cap, other top altcoins also declined. Specifically, the GMCI 30 index fell by 9.73% over the past month and by 15.12% since the beginning of the year.
However, Misir believes that the dynamics of bitcoin alternative coins indicate position accumulation.
“The relative stability of bitcoin amid options expiration indicates its strength, while altcoins experienced expected pressure due to technical factors. A slight decline with high options volume suggests healthy consolidation rather than market weakness,” he noted.
According to WSJ sources, Coinbase has agreed to purchase Deribit for $2.9 billion.