Record $23B BTC and ETH Options Expire Friday

Over $17.47 billion in Bitcoin and $5.48 billion in Ethereum options are set to expire on September 26, 2025, predominantly managed by Deribit, marking a historic expiry.

This massive options expiry suggests potential market volatility, with traders likely to adjust positions, impacting liquidity across major exchanges such as Deribit and regionally significant trading platforms.

Over $17.47 billion in Bitcoin (BTC) and $5.48 billion in Ethereum (ETH) options are due to expire and settle this Friday, marking an unprecedented weekly options expiry event. The aggregated notional value signifies the largest in history for these assets.

The primary exchange handling these transactions is Deribit, according to open interest dashboards. Despite the magnitude, there are no public statements from key figures like Deribit’s John Jansen or other industry leaders commenting directly on this event.

The expiries are expected to cause volatility in BTC and ETH markets due to large position adjustments. Deribit’s dashboards suggest slightly bearish sentiment for BTC with a put-to-call ratio of 1.23 and a balanced outlook for ETH with a ratio of 0.99. “As market dynamics shift ahead of the record $17.47B BTC and $5.48B ETH options expiry, traders are closely monitoring their positions,” said John Jansen, CEO of Deribit.

Historically, such large expiries have led to temporary market swings. In previous cases, BTC and ETH experienced price fluctuations of 2–5%, but stability returned within a few days after the expiry date.

Open interest for BTC futures remains high, nearing $86 billion, outlining substantial liquidity. This event could prompt liquidity shifts across platforms such as CME, Deribit, and Binance.

Financial outcomes may include liquidity shifts on exchanges, with regulatory attention potentially heightened. Past events serve as benchmarks, indicating potential rapid but short-lived market adjustments with no immediate protocol-level impacts noted.