$17B in Bitcoin, Ether Options Set to Expire Ahead of Fed Meeting and Big Tech Results

Bitcoin and Ether Face $17B Options Expiry as Fed Decision and Tech Earnings Loom

Bitcoin (BTC) and Ether (ETH) are approaching one of the year’s largest derivatives events, with $17 billion worth of options set to expire on Deribit this Friday. The expiry coincides with the Federal Reserve’s rate meeting and a string of tech earnings, setting the stage for potential market volatility.

Data from Deribit show 72,716 bitcoin call options and 54,945 put options due for settlement — a combined $14.4 billion in notional open interest. For ether, 375,225 calls and 262,850 puts are open, totaling about $2.6 billion.

Nearly 83% of outstanding positions are out-of-the-money, signaling speculative bets on large price swings rather than stable consolidation. Call positions are clustered near $120,000–$130,000, while puts dominate around $100,000–$110,000.

With bitcoin trading near $113,000, prices are hovering around the max pain level of $114,000 — where most contracts expire worthless. Analysts note that price action often gravitates toward this level ahead of expiry as market makers hedge exposure, though such effects tend to fade after settlement.

Ether mirrors this setup with a max pain level near $4,110, compared to its current $4,000 spot price, indicating similar neutral sentiment before expiry.

According to data provider Checkonchain, Deribit’s share of global bitcoin options open interest has declined from 80% before IBIT launched options in late 2024 to about 44%, now roughly equal to IBIT’s market share. The shift underscores the growing institutional appetite for crypto derivatives beyond traditional platforms.

As traders navigate macro catalysts from the Fed and earnings from U.S. tech giants, both bitcoin and ether remain tightly poised — with options expiry likely to determine the market’s next major directional move.

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