Approximately $5 billion in bitcoin (BTC) options contracts are set to expire on Deribit this Friday at 08:00 UTC, adding to an already volatile crypto market.
Bitcoin’s prolonged consolidation had kept Deribit’s volatility index (DVOL) in a downward trend throughout 2025. However, after bitcoin’s sharp decline, DVOL spiked to 52 before retreating back below 50—signaling a temporary surge in market uncertainty.
The recent price drop below $90,000 has left a majority of options out-of-the-money (OTM) and traders facing significant unrealized losses.
An option allows the holder the right, but not the obligation, to buy or sell an underlying asset at a specific price within a certain time period.
According to Deribit data, out of the $5 billion of notional value that is due to expire, $3.9 billion (78%) of it is due to expire out-the-money (OTM), meaning these contracts will expire worthless.
Almost 100% of calls are OTM, which…
