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$5B in Bitcoin and Ethereum Options Set to Expire on Deribit

Large BTC and ETH option expirations show rising implied volatility and bearish sentiment as traders increase protective put positions.

BTC
ETH

Summary

On November 14, 41,000 Bitcoin (BTC) options worth $3.95 billion and 228,000 Ethereum (ETH) options valued at $730 million expired. The BTC Put Call Ratio stood at 0.61 and ETH at 0.59, indicating stronger demand for puts. Implied volatility rose sharply and market sentiment turned negative, reflecting heightened demand for protective put strategies.

Terms & Concepts
  • Options: Financial derivatives giving the right, but not the obligation, to buy or sell an asset at a set price before expiration.
  • Put Option: A contract giving the holder the right to sell an asset at a specified price within a set period.
  • Call Option: A contract giving the holder the right to purchase an asset at a specified price within a set period.