Upcoming $11.7B BTC and ETH options expiry event brings volatility expectations

Bitcoin (BTC) and Ethereum (ETH) are preparing for the monthly options expiry event with a notional value of $11.7B. The current options expiry is still smaller than the expected quarterly event, but open interest is the highest since the start of 2025. 

The Bitcoin and Ethereum markets are bracing for the monthly options expiry event, which may increase price volatility. Both assets are once again in search of a clear direction. 

Deribit warns about uncertainty as a total of $11.7B in options expire on Friday. The last Friday of the month arrives with the biggest accrued open interest, before the options close or roll over to the next month.

Open interest on Deribit expands as the options market prepares for the upcoming quarterly close in June.

🚨 Options Expiry Alert 🚨

At 08:00 UTC tomorrow, over $11.7B in crypto options are set to expire on Deribit.$BTC: $10.03B notional | Put/Call: 0.87 | Max Pain: $100K$ETH: $1.67B notional | Put/Call: 0.83 | Max Pain: $2,300

Calls dominate OI at higher strikes, reflecting… pic.twitter.com/VlISVbmL8t

— Deribit (@DeribitOfficial) May 29, 2025

This time, BTC has the bigger weight with $10.3B in notional value. The put/call ratio for both BTC and ETH signals still notable expectation for growth, but a more cautious positioning. Call options dominate put options for all prices above $100,000. The biggest accumulation of notional value is for the $120,000 call options. 

The monthly options expiry is often an event that leads to price uncertainty and volatility. Currently, the maximum pain prices are below the BTC and ETH market prices, but the selling pressure will probably not push the assets that low. 

BTC’s maximum pain price is $100,000, while ETH’s is $2,300, potentially leading to more volatility. Ahead of the options expiration event, BTC traded at $108,513, while ETH recovered close to $2,700. 

BTC and ETH options reach peak levels for 2025

The Q2 rally for BTC arrived with higher open interest. A year ago, May’s options expiry for BTC had just $4.7B in notional value. 

The current accrued open interest for BTC and ETH is at the highest level, with almost constant growth since January. 

After the March options expiry, Deribit carried around $19B in notional value. The market recovery in May brought that value to over $42B. Options markets reacted to the renewed bullish direction for BTC, leading traders to add to their positions. 

ETH shows signs of outperforming BTC

The monthly options expiration event for ETH reflects the recent slow market, as the asset hovered around $2,500. The notional value of just $1.7B for monthly options is relatively low for ETH. 

Despite this, ETH trading is gaining traction and the asset is starting to outperform BTC in the short term. ETH regained its positions to 0.025 BTC, while being the only major token in the green as of May 29. 

ETH open interest also expanded rapidly, adding $3B in the past three days. BTC open interest remained near its levels for the past few days, above $37B on major crypto exchanges. ETH is closely watched for signs of sparking an altcoin rally and returning above the $3,000 level.

The options expiry event happens as traders are showing signs of greed. The Bitcoin fear and greed index grew to 74 points, up 3 points in a day. The recent setup is seen as a signal for both BTC and ETH to break out following the options expiry.

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