Deribit Bitcoin Options Open Interest Surpasses $40 Billion Record High, Diverging from Ethereum's Trend

Gate News bot news, the Bitcoin Options open interest of the derivatives trading exchange Deribit surpassed 40 billion dollars on Friday, setting a new high for the quarterly expiration volume in 2025. The Block's data dashboard shows that the open interest across all exchanges exceeds 45 billion dollars, with Deribit's trading volume reaching an all-time high, accounting for nearly 90% of the BTC Options open interest.

On Friday, a large number of these outstanding contracts were closed. Deribit data shows that on June 27, 139,000 BTC contracts expired, with a nominal value of approximately 1.5 billion USD. The put/call options volume ratio ultimately stood at 0.75, indicating that bullish bets outnumbered hedges, while the maximum pain point remained at 102,000 USD.

Options are granted to the holder, but do not obligate them to buy call options or sell put options at a predetermined price. Call options tend to be bullish, betting on price increases, while put options hedge against market declines.

In addition, Deribit settled 939,000 ETH contracts, with a nominal value equivalent to 2.29 billion USD. The ETH put/call options ratio settlement price is 0.52, with the maximum pain point located around 2,200 USD.

According to The Block's price page, after expiration, the price trends of BTC and ETH differ: Bitcoin's trading price remains flat at $106,800, while Ethereum drops nearly 2% to $2,440.

The Head of Research at BRN, Timothy Misir, stated that volatility indicators have also shown similar divergence. The implied volatility of Bitcoin has been compressed to below 35% in the short and medium time frames. In contrast, the implied volatility of Ethereum is close to 65%, with a multi-day price spread of 30%. Misir stated in a report, "This volatility difference indicates a significant disparity in how the market is pricing risk conditions, with Bitcoin being considered relatively stable, while Ethereum, despite continued attention from institutional investors, faces higher uncertainty."

The GMCI 30 index has fallen, with altcoin leaders like XRP (down 3.77%), SOL (down 1.04%), and ADA (down 1.85%) also declining alongside ETH. However, analysts from BRN indicate that the trend in the altcoin market may drive market accumulation rather than bearish sentiment.

"The relatively strong performance of Bitcoin during the options expiration period indicates its potential strength, while altcoins face anticipated pressure from technical excess. The slight decline after a significant increase in options trading volume suggests that the market is undergoing a healthy consolidation, rather than fundamental weakness," he said.