More than $5.3 billion worth of bitcoin and ethereum options are set to expire on Friday, Oct. 10, according to data from Deribit. This marks one of the largest expiries of the quarter and potentially sets the stage for a volatile trading session.

Bitcoin options make up the bulk of the total, with $4.3 billion in notional value, a Put/Call ratio of 1.12, and a max pain price of $117,000, the level where most options expire. With BTC currently trading at $122,079, well above that threshold, short-term pressure could emerge as traders rebalance or hedge positions. Bulls are clustered around $120K calls, while bears have positioned in $110K puts, leaving room for rapid swings if the market tests either side.

BTC Options Expiry. Source: Deribit

Ethereum options total $940 million, featuring a more optimistic tilt with a Put/Call ratio of 0.9 and a max pain point at $4,430. ETH is trading slightly below that level at $4,358, suggesting tighter price action, though any broader BTC-driven move could amplify volatility across both assets.

ETH Options Expiry. Source: Deribit

Historically, large expiries like this often trigger short-term price whipsaws as market makers unwind hedges and traders reposition. With bitcoin touching new highs and funding rates elevated, minor shifts in sentiment could lead to sharp intraday corrections. Otherwise, if bullish momentum holds, it could fuel another leg higher into October’s trading cycle.

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