Analysis: Nearly 16 billion USD in BTC options will expire this Friday, with a Put/Call open interest ratio of only 0.69

According to CoinDesk, approximately 15.9 billion USD in BTC options and 2.1 billion USD in ETH options will expire on September 25 at 8:00 (UTC), with the BTC options expiration size accounting for about 37% of Deribit's current total open BTC options of 43.5 billion USD. Deribit CEO Luuk Strijers stated that the call options for this quarterly contract dominate, with a put/call open interest ratio of 0.69, indicating that the market has primarily bet on price increases.

Currently, about 9.4 billion USD in calls, 55% are in-the-money, with the maximum pain point for BTC options at 75,000 USD. Strijers mentioned that after the expiration settlement, market makers' hedging and gamma effects may fade, leading to a potential increase in short-term volatility for BTC, and the market trading range may readjust.