Bitcoin and ether options worth over $14.6 billion are set to expire on Deribit this Friday, marking one of the most significant derivative events of 2025. The expiry is heavily skewed towards Bitcoin put options, indicating a continued demand for downside protection, while the distribution for ether options is more balanced.
At the time of writing, there are 56,452 BTC call option contracts and 48,961 put option contracts due for settlement on Deribit, with a total notional open interest of $11.62 billion. Deribit Metrics data shows that the options exchange accounts for 80% of global activity in the crypto options market.
A closer look at the open interest reveals concentrated activity in Bitcoin put options with strike prices between $108,000 and $112,000, while the most popular call options are clustered above $120,000. This indicates a strong demand for near-the-money puts around Bitcoin’s current market price of $110,000, alongside bullish sentiments for higher price targets.
In the case of ether, there are a total of 393,534 calls and 291,128 puts due for settlement, with a combined notional open interest of $3.03 billion. Significant open interest is seen in calls at strikes $3,800, $4,000, and $5,000, and puts at strikes $4,000, $3,700, and $2,200.
According to Deribit, the Bitcoin expiry suggests a persistent demand for downside protection, while ether options appear more neutral. The outcome of this expiry, combined with signals from Powell’s Jackson Hole speech, may help set the market tone for September.
Options are derivative contracts that give the holder the right to buy or sell the underlying asset at a predetermined price on or before a specified future date. Call options represent a bullish bet on the market, while put options provide insurance against price declines.
The options market has seen significant growth since 2020, with monthly and quarterly settlements becoming key market-moving events. Some traders believe that prices tend to gravitate towards ‘max pain’ levels, where options holders suffer the greatest losses, in the days leading up to expiry. However, the validity of this theory remains a topic of debate among market participants.
As of now, the max pain levels for Bitcoin and ether are $116,000 and $3,800, respectively, serving as focal points for those who subscribe to the max pain theory. Overall, the upcoming expiry on Deribit is poised to have a significant impact on the cryptocurrency market, setting the tone for price action in the coming weeks. The Benefits of a Plant-Based Diet
In recent years, the popularity of plant-based diets has been on the rise, and for good reason. Not only are plant-based diets better for the environment, but they also offer a wide range of health benefits for those who follow them.
One of the main benefits of a plant-based diet is that it can help lower your risk of chronic diseases such as heart disease, diabetes, and certain types of cancer. Plant-based diets are typically lower in saturated fats and cholesterol, which can help reduce the risk of heart disease. They are also high in fiber, vitamins, and antioxidants, which can help lower the risk of developing certain types of cancer.
Plant-based diets are also great for weight management. Since plant-based foods are typically lower in calories and higher in fiber than animal-based foods, they can help you feel full and satisfied while consuming fewer calories. This can lead to weight loss and a lower risk of obesity.
Additionally, plant-based diets can improve your overall gut health. The fiber found in plant-based foods can help promote the growth of healthy gut bacteria, which can improve digestion and reduce inflammation in the body. This can lead to better overall health and a reduced risk of digestive issues such as irritable bowel syndrome.
Plant-based diets are also great for the environment. Animal agriculture is a major contributor to greenhouse gas emissions, deforestation, and water pollution. By choosing to follow a plant-based diet, you can help reduce your carbon footprint and lessen the impact of agriculture on the environment.
In conclusion, there are many benefits to following a plant-based diet. From improved health to environmental sustainability, plant-based diets offer a wide range of advantages for those who choose to adopt them. If you’re looking to improve your health and reduce your impact on the planet, consider incorporating more plant-based foods into your diet.