{"id":24985,"date":"2025-06-27T15:18:52","date_gmt":"2025-06-27T12:18:52","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-options-open-interest-on-deribit-surpasses-40-billion\/"},"modified":"2025-06-27T15:18:52","modified_gmt":"2025-06-27T12:18:52","slug":"bitcoin-options-open-interest-on-deribit-surpasses-40-billion","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-options-open-interest-on-deribit-surpasses-40-billion\/","title":{"rendered":"Bitcoin Options Open Interest on Deribit Surpasses $40 Billion"},"content":{"rendered":"<p>The open interest (<span data-descr=\"open interest\" class=\"old_tooltip\">OI<\/span>) in bitcoin options on derivatives exchanges has exceeded $45 billion, with Deribit accounting for approximately 90% of the total.<\/p>\n<p><!--more--><\/p>\n<p><iframe loading=\"lazy\" width=\"100%\" height=\"420\" frameborder=\"0\" src=\"https:\/\/www.theblock.co\/data\/crypto-markets\/options\/aggregated-open-interest-of-bitcoin-options\/embed\" title=\"Aggregated Open Interest of Bitcoin Options\"><\/iframe><\/p>\n<p>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 &#8220;max pain&#8221; level was at $102,000.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">June 27 Options Data<br \/>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.<br \/>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.<br \/>Today is\u2026 <a href=\"https:\/\/t.co\/YoB1hOqHeu\">pic.twitter.com\/YoB1hOqHeu<\/a><\/p>\n<p>\u2014 Greeks.live (@GreeksLive) <a href=\"https:\/\/twitter.com\/GreeksLive\/status\/1938470787855593675?ref_src=twsrc%5Etfw\">June 27, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<h2 class=\"wp-block-heading\">Differences in Perception<\/h2>\n<p><a href=\"https:\/\/www.investopedia.com\/terms\/i\/iv.asp\">Implied volatility<\/a> for bitcoin is below 35% on short- and medium-term timeframes. The corresponding figure for Ethereum approaches 65%, noted BRN researcher Timothy Misir <a href=\"https:\/\/www.theblock.co\/post\/360072\/deribit-tops-40b-in-bitcoin-options-open-interest-amid-15b-quarterly-expiry\">in a conversation with The Block<\/a>.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cSuch 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,\u201d the expert explained.<\/cite><\/p><\/blockquote>\n<p>Following the second-largest cryptocurrency by market cap, other top altcoins also declined. Specifically, the <a href=\"https:\/\/www.theblock.co\/indices\/broad-market\/277090\/gmci-30-gm30\">GMCI 30<\/a> index fell by 9.73% over the past month and by 15.12% since the beginning of the year.\u00a0<\/p>\n<p>However, Misir believes that the dynamics of bitcoin alternative coins indicate position accumulation.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cThe 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,\u201d he noted.<br \/><\/cite><\/p><\/blockquote>\n<p>According to WSJ sources, Coinbase <a href=\"https:\/\/forklog.com\/en\/news\/coinbase-strikes-2-9-billion-deal-to-acquire-deribit\">has agreed<\/a> to purchase Deribit for $2.9 billion.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The open interest (OI) in bitcoin options on derivatives exchanges has exceeded $45 billion, with Deribit accounting for approximately 90% of the total.<\/p>\n","protected":false},"author":1,"featured_media":24984,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1168,1409],"class_list":["post-24985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crypto-derivatives","tag-deribit"],"aioseo_notices":[],"amp_enabled":true,"views":"49","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/24985","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=24985"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/24985\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/24984"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=24985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=24985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=24985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}