$5.2B Bitcoin and Ethereum Options Will Expire Today. Expect Volatility

Deribit, a crypto derivatives exchange for trading options, futures, and perpetual swaps, which primarily focuses on Bitcoin and Ethereum, has officially confirmed that over $5B in BTC and ETH options will expire on November 7, 2025, at 08:00 UTC.

The recent expiration comes with Bitcoin options accounting for the larger share, around $4.7 billion, and Ethereum options around $500 million to $700 million. The expiration worth $5 billion in BTC and ETH is expected to increase market volatility due to the heavy volume of contract expiration as part of it.

According to the market analysts and experts, traders are now being cautious because of the recent price drop exhibited by Bitcoin, which took BTC below $100,000 price point.

Deribit explained the expiration scenario through X by stating that Bitcoin options positioning reflects renewed caution after last week’s dip below $100K.

🚨 Options Expiry Alert
Over $5B in BTC and ETH options expire tomorrow at 8:00 UTC on Deribit.

Bitcoin options positioning reflects renewed caution after last week’s dip below $100K.

Max Pain remains near $108K, with a put/call ratio around 0.83.
Hedging activity is high, but… pic.twitter.com/t5i8nejVG9

— Deribit (@DeribitOfficial) November 6, 2025

They noted that Max Pain remains near $108K, with a put/call ratio around 0.83. They mentioned that hedging activity is high, but there are no signs of panic, and open interest is concentrated around $100K puts and $120K-$125K calls, defining the current situation for BTC.

Furthermore, they indicated that Ethereum options show a cautious but orderly market after the recent slide below $3,700, with Max Pain sitting near $3,800 and a put/call ratio around 0.9, suggesting balanced positioning with a defensive tilt. They added that open interest clusters around $3,500 puts and $4,200 calls, outlining the key battleground for ETH. 

According to the market observation, the most watched BTC price is $108,000, with many traders betting around this level. BTC’s put options (downside bets) and call options (upside bets) are between $120,000 and $125,000.

Currently, traders are hedging and not exhibiting panic. When it comes to Ethereum, traders are watching $3,800 closely, and its put options and call options are concentrated at $3,500 and $4,200, respectively. ETH traders are balanced and not panicking at the moment; they are placing bets and hedging around key price levels.

Will Bitcoin And Ethereum Options Expiry Today Increase Volatility?

Yes, the expiry of Bitcoin and Ethereum options today will increase market volatility. Historical trends have shown that large options expirations like this trigger increased volatility and notable price corrections as traders adjust their positions in the market. The story after the expiration on November 7, 2025, will be no different, with market experts expecting sharp price swings in both Bitcoin and Ethereum. Analysts believe that the volatility will not be limited to BTC and ETH; according to them, altcoins like XRP and SOL will be impacted by this. 

People often wonder why options expiry triggers volatility and lead to steep price corrections. The sudden price movements from traders’ positioning adjustments are the major reason for this intensified volatility. The expiry of over $5.4 billion worth of options forces traders to adjust, roll over, or close their positions, leading to large buy or sell orders and ultimately leading to abrupt downward price movements. The latest market data suggest that Bitcoin traders are on the verge of focusing $100,000 (puts) and $120,000–$125,000 (calls), with $108,000 as a critical level. Ethereum traders will be watching closely at $3,800, and the average activity will be centered around $3,500 (puts) and $4,200 (calls). 

Analyst Shishi Toto stated that the options expiry is a major event that historically spikes volatility as hedgers and speculators unwind positions, often pinning prices near max pain levels.

Options expiry day!

A $5.22 billion Bitcoin and Ethereum options expiry on Deribit at 08:00 UTC today, a major event that historically spikes volatility as hedgers and speculators unwind positions, often pinning prices near max pain levels.

Confirmed data shows $5.4 billion…

— Shishi Toto (@cryptonico21) November 7, 2025

He confirmed that data shows $5.4 billion notional exposure, with $4.09 billion in BTC contracts, and noted that max pain at $107,000 could draw BTC toward this strike to maximize option seller profits and minimize holder payouts. He added that a put/call ratio of 1.46 signals bearish positioning.