$14.6B Options Expiry Puts Spotlight on Bitcoin Downside Hedging

Bitcoin (BTC $109,756.33) and ether (ETH) options worth $14.6 billion are set to expire Friday on Deribit, in what is shaping up as one of 2025’s largest derivative events.

The skew is clear: traders are loading up on BTC puts, particularly between $108,000 and $112,000 strikes, signaling strong demand for downside protection near current spot levels. On the upside, calls are concentrated above $120,000.

In ether, positioning looks more balanced. A total of 393,534 calls versus 291,128 puts are expiring, with heavy activity in calls at $3,800–$5,000 and puts around $3,700–$4,000.

“BTC expiry points to persistent demand for downside protection, while ETH looks more neutral,” Deribit said on X, adding that Powell’s Jackson Hole signal could amplify the expiry’s market impact.

Max pain levels sit at $116,000 for BTC and $3,800 for ETH, potential magnets for prices as Friday nears.