Bitcoin and Ethereum options totaling about $2.5 billion are set to expire today, potentially amplifying near-term volatility as traders balance upside bets with downside hedges. Although overall positioning leans toward calls, the market shows a notable concentration around the $40,000 Bitcoin put, making it a focal point as expiry approaches.
Specifically, the $40,000 BTC put ranks as the second-largest open-interest strike, with roughly $490 million in notional value, according to Deribit data. Deep out-of-the-money downside protection remains evident on the board, indicating persistent hedging despite the broader tilt toward upside bets.
Traders appear to favor upside exposure overall, yet the aggressive concentration of put protection around 40k signals continued caution about sudden volatility. Meanwhile, the wider BTC and ETH options landscape shows ongoing use of derivatives for hedging and yield strategies as expiry nears.
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