Crypto traders are leaning bullish while simultaneously chasing downside protection ahead of Friday's bitcoin (BTC) options deadline worth billions of dollars. Bitcoin options worth $8.5 billion will expire on Deribit at 8:00 UTC on Friday, the world's largest crypto exchange by trading volume and open positions. These figures represent the U.S. dollar notional value of active options contracts at press time, with each contract corresponding to one BTC or one ETH. Since the 2020 COVID crash, options mar ...

Bitcoin is beginning to trade less like a speculative novelty and more like a mature financial asset. The clearest signal is how institutional investors are choosing to gain exposure. On institutional desks today, bitcoin increasingly sits in the same category as high-growth technology stocks and speculative commodities like oil and copper. When risk appetite changes and macroeconomic conditions shift, these assets are often adjusted together. Bitcoin is no longer an outlier; it now behaves more like a ma ...

With bitcoin (BTC) trading in a relatively narrow range of $80,000 to $95,000 since November, options have emerged as the largest segment of the derivatives complex in a sign of the maturing market for the largest cryptocurrency. According to Checkonchain data, aggregate bitcoin options open interest stands at $65 billion while open interest in futures, another type of derivative, is at $60 billion in notional value. Options open interest has exceeded futures open interest since July 2025. Options are f ...

Bitcoin and Ethereum options worth $2.2B expire as key US economic and legal events approach. Photo by BeInCrypto Bitcoin and Ethereum are trading tightly around key options “max pain” levels as more than $2.2 billion worth of crypto options are set to expire on Deribit. Meanwhile, traders and investors are bracing for a volatile convergence of two critical macro catalysts later today. Over $2.2 Billion Bitcoin and Ethereum Options Expire at 8:00 UTC At the time of writing, Bitcoin was trading near $90, ...

Acquisition Analysis - Coinbase paid $29 billion (2.9B) for Deribit's $1 trillion (1T) annual derivatives volume [1] - The acquisition could potentially pay for itself in 3 years based on Deribit's take rates [1] Market Position - Deribit has $59 billion (59B) in open interest [1] - Deribit dominates 85% of the Bitcoin options market [1] Strategic Implications - The company is building infrastructure essential for tokenized asset launches [1] - The company's stock trades like an exchange [1]

Market Volatility - Market volatility has increased due to approximately $23 billion in Bitcoin options expiring next Friday [1] - This expiration accounts for over 50% of total open interest on Deribit [1] - The large option expiration could amplify price swings [1] Options Market - Thirty-day implied volatility has rebounded to nearly 45% [1] - Options skew around -5% indicates downside risk dominates market pricing [1]

Bitcoin's (BTC) derivatives market is flashing signals of stability in a broad range rather than a massive moonshot or violent crash. Activity in Deribit-listed options shows strong support around $85,000 from heavy put selling (writing) or traders offering insurance against price drops below that level. At the same time, some traders are offering protection against bullish price moves beyond $95,000-$100,000 levels by writing call options at these levels, thereby creating resistance, according to data ...

Metaplanet, Japan’s largest corporate Bitcoin holder, secured a new $130 million loan to purchase additional BTC despite sitting on over $635 million in unrealized losses. The company disclosed the borrowing in a November 21 filing under a previously established $500 million credit facility announced in late October. The lender remains undisclosed at the counterparty’s request. According to the filing, the loan carries a floating interest rate, renews daily, and can be repaid at any time. It is fully sec ...

An institutional trader executed a massive options position of 20,000 BTC (worth $1.74 billion) on Deribit via Paradigm on Nov. 24. This ranks as one of the largest single options trades seen this year. The trade uses a call condor structure, a complex options strategy that profits if Bitcoin lands within a specific price range, with strikes at $100,000, $106,000, $112,000, and $118,000, all expiring Dec. 26, 2025. According to Deribit’s official analysis, the positioning reflects bullish expectations th ...

2025 has cemented a pivotal moment with data signaling a divergence between the two reigning digital assets Bitcoin and Ether. Is this Ether's long- aaited super cycle or merely a catch-up trade driven by short-term volatility. Ether options on CME have consistently exhibited a higher implied volatility than Bitcoin options.This heightened volatility has served as a powerful magnet for traders, directly accelerating participation in the CMA Group's Ether futures market. The most compelling quantitative evid ...