₱502.64 billion ($8.72 billion) in Bitcoin and Ethereum Options Expire Today

Deribit hosts the expiry of 114,705 Bitcoin contracts worth ₱446.15 billion ($7.74 billion) and 478,992 Ethereum contracts worth ₱56.2 billion ($975 million) today. The settlement represents roughly 20% of total open interest across both assets.

Bitcoin traded at $68,052 heading into the expiry, well below the $75,000 max pain level where most options sellers would profit. The put-to-call ratio sits at 0.73, with 66,300 call contracts against 48,405 puts. Bitcoin's DVOL index hit 53 with implied volatility at the 87.7th percentile, showing traders expect sharp moves.

Ethereum's volatility runs 15 to 20 points higher than Bitcoin across the curve. ETH traded at $2,035 against a $2,200 max pain level, with 268,642 calls facing 210,350 puts for a 0.78 ratio. The DVOL index reached 70, with implied volatility at the 55.7th percentile.

Greeks.live analysts said the downward price trend has eased, but market confidence remains insufficient. They noted large-block call options have dominated recent trading in medium- to long-term maturities, though the market remains firmly in bear territory. The firm flagged that markets lack fresh capital inflows and clear catalysts, with pessimistic narratives still dominating social channels.

Deribit analysts pointed out that call open interest leads across both assets, with Bitcoin carrying the larger notional weight into settlement. They warned this could amplify spot sensitivity if hedging flows intensify during the expiry window. Earlier in February, 25-delta skew plunged to -30 before recovering to the current -8 to -9 range, with main-term implied volatility now standing at 47% for Bitcoin and 65% for Ethereum.