Crypto Options Expiry Looms Large as Over $11.7B Set to Expire on Deribit

The crypto market expects a major options expiry event on May 30, 2025, where over $11.7 billion is slated to expire before 4:00 AM ET on Deribit. Kyle Doops, a popular analyst, has talked about the details, focusing on how this might impact crypto prices over the short run and volatility overall. Many traders, big and small, are anticipating new moves in this market, as shown by the high level of open interest in both Bitcoin (BTC) and Ethereum (ETH).

The vast majority of the open interest, around $10 billion, belongs to Bitcoin. With a put/call ratio of 0.87, the markets lean slightly toward optimism, even as trade is active on both the bullish and bearish ends. BTC options buyers stand to lose the most money at $100,000, the max pain level. According to the figure, a high number of traders are now betting long, which can shape how the price trends soon.

The put/call ratio on Ethereum stands at 0.83 using open interest totalling $1.67 billion. At $2,300, we see the greatest pain for investors. Data suggests a confident outlook, but a comparison still shows the crowd is hedging as much as taking speculative stances.

What the Put/Call Ratio and Max Pain Say About Market Sentiment

Both BTC and ETH have put/call ratios close to parity, but the ratios favor buyers a bit at this time. So, the results suggest that investors are more likely to buy call options than put options, which is generally considered bullish. Yet, because the ratio is close to 1, this suggests investors are being cautious about positions since they anticipate big moves after the expiry.

The idea of max pain brings an added complication to the whole process. Near this price point, market makers handle risk in ways that may direct the underlying asset toward it. Though a $100K max value for BTC is not likely, according to some, it is where most options contracts would lose for the seller and help keep payouts to buyers as low as possible.

Alternatively, ETH’s $2,300 max pain level could draw the price temporarily, based on how other participants in the market adjust or manage their positions as the contracts expire. Because this level falls close to the market price, what happens to the price in the moment following expiry becomes especially significant.

Traders Watch Closely for Post-Expiry Volatility

Despite a prevalent feeling of confidence, Kyle Doops says that volatility has calmed down in recent days. As a result, even interest in call options may not cause prices to rocket if nothing outside the market happens to produce that effect.

In the past, expiry events have usually paved the way for brief spikes in market activity. Market participants will watch if prices rise once negative bets are off the table or plunge once hedging has been removed. In this situation, swing traders, arbitrageurs, and market makers all need to consider risk using expiry flow information.

Since today’s options expiration involves about $11.7 billion in coins and there is a slight bullish mood, the outcome might set the direction for crypto assets over the next few days. Regardless of whether BTC and ETH rise or drop, all eyes stay trained on how the two cryptos move during the opening and closing of new contract positions.