Crypto Briefing • October 8th 2026, 5:11 PM
35% of Deribit’s Bitcoin options open interest is set to expire October 30
Key Summary
Deribit is set to experience a significant Bitcoin options expiry on October 30, with approximately 35% of open interest tied to this date, valued at $10.7 to $11.3 billion. This large concentration of calls at the $95,000 strike suggests traders are betting on a meaningful price move higher, but the tension between upside bets and max-pain levels may create market volatility.
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Key Findings
About 35% of all Bitcoin options open interest on Deribit is tied to a single date: October 30. This makes it the largest single expiry cluster on the platform, with a notional value of approximately $10.7 to $11.3 billion.What Traders Are Betting On
The single largest strike concentration is the October 30 $95,000 call, which holds roughly 24,000 BTC of open interest. With Bitcoin trading near $86,000, this strike alone represents roughly $2.1 billion in notional value. The put-to-call ratio sits between 0.4 and 0.51, indicating a crowd of two calls for every put on this expiry.Market Impact
When a huge block of calls sits at a strike like $95,000, market makers may need to buy more Bitcoin if the price climbs toward that level, potentially pushing prices further in the same direction. However, without much downside insurance in place, a sharp move against the crowd could force traders to react quickly, amplifying volatility.Key Takeaways
The buildup to the October 30 expiry follows a run of large expiries that recently cleared, with traders repositioning and fresh money landing on this date. The research highlights potential gamma-hedging flows and alignment between options and futures positioning as factors that may influence how Bitcoin trades into the expiry.#Bitcoin#Deribit#US#Crypto