Bitcoin Options Expiry Tomorrow: $4.5B+ on the Line, BTC Max Pain $112,000 as Strikes Cluster at $105K–$110K

Deribit issued an options expiration reminder ahead of tomorrow’s settlements, noting more than $4.5 billion of crypto options will expire — a material liquidity event for short-dated derivatives markets and a focal point for options flow analytics.

The exchange reports the nominal value of BTC options at $32.8 billion, with a put/call ratio of 1.38 and a maximum pain level at $112,000; puts dominate open interest, with strikes clustered between $105,000 and $110,000.

ETH options show a nominal value of $12.7 billion, a put/call ratio of 0.78 and a maximum pain around $4,400; market positioning has become more balanced, although call open interest concentrates above $4,500.