The global cryptocurrency derivatives market underwent a structural transformation in 2025, shifting away from retail-driven speculation toward institutional capital and more complex risk dynamics According to the CoinGlass 2025 Crypto Derivatives Market Annual Report the year represents a watershed moment in the maturation of crypto as a financial asset class. In 2025 the total trading volume of the cryptocurrency derivatives market reached approximately $85.70 trillion with a daily average turnover of ...

Expiring Crypto Options, crypto option expire. Photo by BeInCrypto Over $3.16 billion worth of Bitcoin and Ethereum options are set to expire on Friday at 08:00 UTC on Deribit, marking the final major derivatives settlement before Christmas. With liquidity thinning out as the holiday period approaches and positioning tightly clustered around key price levels, traders appear cautious, waiting for a clearer catalyst before committing to a direction. What to Expect as Nearly $3 Billion Bitcoin Options Expi ...

Singapore Exchange’s (SGX) derivatives arm will soon let institutions trade one of the crypto market’s most popular instruments: perpetual futures. The SGX Derivatives announced on Monday the launch of bitcoin (BTC) and ether (ETH) perpetual futures, scheduled to go live on Nov. 24, with a promise to deliver the structure and trust of global derivatives markets, fused with the flexibility of the crypto's most traded instruments. "Digital assets have made their way into institutional investors’ portfolios ...

Core Insights - Bitcoin derivatives activity is expected to take two quarters to recover from the significant loss of $19 billion in open interest due to the flash crash on October 10 [1] - The medium-term outlook for Bitcoin derivatives remains constructive, with potential recovery to pre-shock levels by Q1 or Q2 2026 if macro conditions improve [2] - Current Bitcoin open interest in futures, options, and perpetual contracts is approximately $140 billion, down from $220 billion before the crash [3] Market Activity - Derivatives volumes peaked at $748 billion on the day of the crash but have stabilized around $300 billion for the past week [3] - There are significant clusters of bullish call contracts at the $140,000 and $200,000 strike prices, totaling $1.1 billion and $887 million respectively, with a notable $1.1 billion cluster at the $85,000 price indicating bearish sentiment [4] - The reduction in open interest suggests a quieter year-end expiry, which may help stabilize the market compared to previous high-leverage periods [5] Future Outlook - The market is expected to experience lighter positioning and reduced mechanical pressure heading into the year-end expiry, contributing to a healthier derivatives market setup for 2026 [5] - Activity is likely to cluster around key strike levels, with potential for short-term dislocations due to renewed volatility or ETF-related flows [5]

Core Insights - Approximately $6 billion in Bitcoin and Ethereum options are set to expire, testing market resilience as open interest and trader positioning reach new records [1][2] - The options expiry is occurring during a period of subdued volatility, with potential implications for market sentiment towards Bitcoin, Ethereum, and broader digital assets [2][8] Options Expiry Details - On October 24, $5.86 billion in options related to Bitcoin and Ethereum will mature at 8:00 UTC on Deribit, with $5.1 billion in Bitcoin options and $754 million in Ethereum options expiring [2][3] - The 'max pain' points for options expiry are identified at $113,000 for Bitcoin and $3,950 for Ethereum, which may influence trader expectations [4] Market Sentiment and Positioning - Current put-to-call ratios are 0.90 for Bitcoin and 0.77 for Ethereum, indicating cautious optimism towards potential price increases, despite near-term uncertainties [5] - Implied volatility is currently around 40 for Bitcoin and 60 for Ethereum, reflecting a pause in extreme price movements [6][7] - There is strong demand for long-dated Ethereum calls extending into 2026, suggesting optimism about Ethereum's long-term prospects [8] Macroeconomic Context - The options expiry coincides with significant macroeconomic events, including key US inflation data and the Federal Open Market Committee meeting, which could impact market dynamics [8] - Analysts warn that unexpected news could lead to renewed volatility in the market [9] Historical Context - Historically, options expiry has led to short-term price swings and volatility spikes, but conditions typically stabilize after the expiry time as traders adjust to the new market environment [10]

Core Insights - BlackRock's iShares Bitcoin Trust (IBIT) has become the largest venue for bitcoin options, surpassing Deribit, indicating a shift in crypto derivatives trading driven by institutional capital [1][2] - IBIT's open interest in contracts reached nearly $38 billion, compared to Deribit's $32 billion, marking a significant change in market dynamics [1][4] Group 1: Market Position and Growth - IBIT is now the world's largest spot bitcoin ETF with $84 billion in assets, attracting substantial institutional flows and enhancing market liquidity [2] - The growth of IBIT is pulling trading activity into regulated markets, contrasting with the previously dominant offshore venues [2][4] Group 2: Leverage and Speculation - IBIT's leverage ratio has reached 45%, with the ETF holding 770,000 BTC and options open interest at 340,000 BTC, indicating a high level of speculative positioning [3] - Nearly half of IBIT's underlying exposure is reflected in derivatives, raising questions about the true extent of market leverage [3] Group 3: Market Concentration - IBIT now accounts for 45% of global BTC options open interest, while Deribit holds 41.9%, indicating a concentration of nearly 90% of the BTC options market between these two platforms [4] - The data suggests that institutional platforms like CME remain relatively small compared to ETF-driven and retail-dominated venues [4]

Core Insights - Bitcoin's price is currently fluctuating below $100,000, leading analysts to predict a prolonged period of high volatility in the crypto market, making 100x leverage futures trading a preferred tool for seasoned investors [1] - BexBack Exchange is enhancing its offerings with promotional packages, including a 100% deposit bonus, a $50 welcome bonus for new users, and 100x leverage on cryptocurrency trading [1] Group 1: 100x Leverage Trading - 100x leverage allows traders to open larger positions with less capital, significantly increasing potential profits; for instance, a 1 BTC long contract at $100,000 can yield a profit of 5 BTC if the price rises to $105,000 [2] - The use of 100x leverage can lead to a yield of up to 500% under favorable market conditions [2] Group 2: BexBack Exchange Features - BexBack offers a 100% deposit bonus, which can effectively double the initial investment; for example, an initial investment of 2 BTC can increase profits to 10 BTC, resulting in a 1000% return on investment [4] - The deposit bonus cannot be withdrawn directly but can be utilized to open larger positions, providing extra margin during market fluctuations to reduce liquidation risks [5] - BexBack is a leading cryptocurrency derivatives platform offering 100x leverage on various cryptocurrencies, including BTC, ETH, ADA, SOL, and XRP, and is trusted by over 500,000 traders globally [6] Group 3: Advantages of BexBack - BexBack allows immediate trading without complex identity verification, enhancing user convenience [8] - The platform features a demo account with 10 BTC in virtual funds, ideal for beginners to practice risk-free trading [8] - BexBack provides 24/7 customer support and has no deposit fees, ensuring a user-friendly trading experience [6][9]