TREE NEWS reports: Deribit will settle 135,000 BTC options with a notional value of $10.92 billion at 16:00 Beijing time on Friday, with a max pain price of $78,000 and a put/call ratio of 0.53. ETH options with a notional value of $776 million will also expire the same day, with a max pain price of $2,500 and a put/call ratio of 0.77.
Deribit BTC and ETH options worth $11.7B set to expire Friday
The scale of Friday's Deribit expiry matters less for the notional figure than for the max pain levels, which sit well away from where the put/call ratios suggest positioning is clustered. The low BTC ratio implies call-heavy books, so the settlement could amplify moves if price is pinned near the strike. Whether the expiry passes as a liquidity event or a volatility catalyst is the open question, and ETH's higher put/call ratio points to a more defensive stance heading into it.
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