Bitcoin Price Faces Another Test as $10.9B Deribit Options Expire Today

About 135,000 bitcoin options contracts worth $10.9 billion are set to expire on Deribit at 8 a.m. UTC on October 30. Their put/call ratio is 0.53, meaning calls nearly double puts, while max pain—the price at which most buyers lose and sellers gain—is $78,000, close to bitcoin's spot level. Bitcoin traded just above $78,000 after sliding to $76,000 following a $6.3 billion Binance hack; it was down 6% over the month and about 38% below its over $126,000 record. Ethereum options worth $776 million also expire, with max pain at $2,500 and a put/call ratio of 0.77, bringing total expiring crypto options to $11.67 billion.