Key Points

• Over $14.3 billion in crypto options will expire tomorrow morning on Deribit.
• BTC trades above $87,000 and ETH above $2,000.

The 2025 Q1 options expiry data was released by Deribit, one of the biggest options events on its calendar this year.

The crypto market expects to see how the first quarter of this year will wrap up.

Deribit’s Bitcoin and Ethereum Options Expiry Data

Deribit announced that tomorrow, at 08:00 (UTC), over $14.3 billion in Bitcoin and Ethereum options are set to expire, marking one of the biggest expiries of the year.

$12.17 billion in Bitcoin options will expire with a Max Pain Point of $85,000 and a Put/Call ratio of 0.48.

Also, $2.15 billion in Ethereum options will expire with a Max Pain Point of $2,400, and a Put/Call ratio of 0.39.

Deribit also revealed two charts, showing the implied volume heading into expiry, with BTC showing some serious upside skew and calls priced higher, while ETH’s curve is flatter, but the volume is still elevated across the board.

According to the team at Deribit, both markets are signaling anticipation of movement into or after the options’ expiry.

Implied vol heading into expiry

Chart 1 – $BTC: BTC showing some serious upside skew, calls priced way higher.

Chart 2 – $ETH: ETH’s curve is flatter, but vol’s still elevated across the board.

Both markets signal anticipation of movement into or post-expiry.

Track it all… pic.twitter.com/bXhepKMNhN

— Deribit (@DeribitOfficial) March 27, 2025

Bitcoin and Ethereum Price Trajectories Today

Bitcoin Price Trajectory

At the moment of writing this article, BTC is trading above $87,000. Earlier, the coin recorded a reversal upwards from $85,000 levels, seeing a surge of around 0.6%.

On March 26, BTC recorded a price drop from above $88,000 to below $86,000 levels. However, despite the recent volatility, the market maintains optimism amidst continued institutional interest and rising global adoption.

The institutional interest is mirrored by continued inflows in the US ETFs, which recorded nine consecutive days of inflows, according to SoSoValue data.

Also, more companies are creating their own Bitcoin reserves, following Strategy₿’s example.

Ethereum Price Trajectory

ETH also recorded a price rebound today, surging from $1,980 levels to current prices above $2,000.

On March 26, the ETH price dropped from around $2,075 to $1,984 before rebounding to current levels. Unlike BTC, the ETH ETFs in the US have continued their outflow streak since March 5.

However, the overall crypto market maintains optimism ahead of important events in the US, including Paul Atkins taking his seat as the new SEC Chair, Trump expected to sign crypto-friendly legislation, and an upcoming QE in the country starting in April.