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I noticed something interesting on Deribit — tomorrow at 08:00 UTC, about $2.1 billion in crypto options will expire. This is a quite significant event for the market.
Broken down by assets: approximately $1.63 billion in BTC, and what's important is that the put/call ratio there is 1.02, meaning bears have a slight edge. A week ago, it was the opposite. In ETH, around $445 million, with a put/call ratio of 0.94, so bulls are still holding positions. Interestingly, the open interest in ETH has increased.
Currently, BTC is trading around $77,800, and ETH around $2,320. Both assets are below their maximum pain levels — for BTC, that’s $71,000, and for ETH, $2,250. On Deribit, they note that despite the volatility, the market is holding within this range.
So tomorrow will be an interesting day for the options market on Deribit. It’s worth keeping an eye on this event.