Deribit’s $1.47 Billion Bitcoin Options Expiry Arrives With Puts Outnumbering Calls

Key Takeaways

• Bitcoin options worth approximately $1.47 billion were scheduled to expire on Deribit on October 16.
• The put-to-call ratio stood at 1.29, which indicated more outstanding puts than calls.
• Ether options worth approximately $300 million were scheduled to expire at the same time.

Bitcoin options worth approximately $1.47 billion reached their scheduled October 16 expiry on Deribit at 8:00 UTC, according to PerpFinder data recorded at 07:53 UTC.

The data showed $828.7 million in put open interest versus $644.7 million in call open interest.

CoinNess earlier reported a $1.46 billion Bitcoin expiry and a 1.27 ratio. Those figures preceded the later recorded data.

Important Read: Bitcoin Rebounds to $82,000 After Brief Drop Below $80,000 as Asian Stocks Recover

Maximum Pain Is No Price Target

CoinNess reported Bitcoin’s maximum-pain level at $83,000. The statistic estimates the settlement price, which minimizes aggregate payouts on outstanding options.

It does not establish where Bitcoin must trade.

For Ether, CoinNess reported a maximum pain level of $2,500 and a put-to-call ratio of 0.58.

However, PerpFinder’s later data showed $300.3 million in expiring Ether options and a put-to-call ratio of 0.59.

Settlement Values Differ From Open Interest

The headline represents the notional value of outstanding contracts. These are not confirmed trading losses, liquidations, or the amount paid to option holders at expiration.

Note that PerpFinder explicitly distinguishes its open-interest figures from premiums, margin, and settlement proceeds.

Deribit uses its relevant index’s time-weighted average between 07:30 and 8:00 UTC to calculate the delivery price. The rules provide for cash settlement, without physical delivery of the underlying cryptocurrency.

The expiry size alone does not reliably signal Bitcoin’s next price move.

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