Will Markets Fall Further When $4.8B Crypto Options Expire Today?

Round 33,700 Bitcoin choices contracts will expire on Friday, August 22, they usually have a notional worth of roughly $3.8 billion.

This expiry occasion is smaller than last week’s and unlikely to affect spot markets, which have began to maneuver larger after a mid-week correction.

All eyes are on the Federal Reserve Chair speaking at Jackson Hole right this moment, as a hawkish stance might induce extra volatility, and markets are already beginning to react.

Bitcoin Choices Expiry

This week’s batch of Bitcoin choices contracts has a put/name ratio of 1.32, which means that there are fairly a number of extra quick contracts expiring than longs, as quick sellers enhance following the correction. There’s a max ache level of $118,000 the place most losses will probably be made on expiry.

Open curiosity (OI), or the worth or variety of BTC choices contracts but to run out, is highest at $140,000, which has surged to virtually $3 billion at this strike worth on Deribit. There may be additionally round $2 billion OI at $120,000 and $130,000 strike costs because the bull speculators load up on contracts, however $110,000 remains to be a well-liked strike worth for shorts with $1.7 billion in OI.

Moreover, complete Bitcoin futures OI at present stands at $81 billion, which has fallen from current document highs, according to CoinGlass.

Choices Expiry Alert
At 08:00 UTC tomorrow, over $4.8B in crypto choices are set to run out on Deribit.$BTC: $3.83B notional | Put/Name: 1.31 | Max Ache: $118K$ETH: $948M notional | Put/Name: 0.82 | Max Ache: $4,250

BTC expiry tilts put-heavy, whereas ETH name curiosity… pic.twitter.com/AGuHa2Txxs

— Deribit (@DeribitOfficial) August 21, 2025

Crypto derivatives supplier Greeks Dwell said on Thursday, “With the Fed’s Jackson Gap assembly approaching, opinions within the choices market are divided.”

“Quick-term implied volatility declined, indicating that institutional buyers should not very optimistic that this assembly will result in important volatility.”

Along with right this moment’s tranche of Bitcoin choices, there are round 220,000 Ethereum contracts which might be additionally expiring, with a notional worth of $947 million, a max ache of $4,250, and a put/name ratio of 0.82. This brings Friday’s mixed crypto choices expiry notional worth to round $4.8 billion.

Crypto Market Outlook

The market restoration was very short-lived, and the sell-off has resumed this Friday morning in Asia. Complete capitalization is down 2% to $3.89 trillion, and the altcoins are main losses.

Bitcoin has fallen again to help at $112,000, however once more didn’t break under this key stage and recovered again to $113,000 on the time of writing. Nevertheless, sentiment has waned, and additional losses look extra doubtless than a giant pump.

Ethereum has mirrored its huge brother, dropping 1.7% in a fall again to the $4,200 stage, which is holding as help, for now.

The altcoins have been in worse form with heavier losses for Binance Coin, Solana, Chainlink, and Hyperliquid.