The crypto market is bracing for a massive $14.6 billion options expiry this Friday — one of the biggest dates on the derivatives calendar.
On Deribit, which dominates about 80% of all crypto options trading, the sentiment is clear:
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Bitcoin traders are piling into puts, hedging against a drop.
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Ether traders are more balanced, with calls and puts nearly even.
But it’s not all doom and gloom — there’s still plenty of bullish money on the table. A big chunk of call options sits at $120,000+ strikes, showing that some traders aren’t ready to give up on a moonshot just yet.
For Ether, the numbers tell a similar story of indecision:
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~393K call contracts vs 291K put contracts (around $3B total).
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The hot zone? Calls are stacking up around $3,800–$4,000, while puts cluster between $2,200 and $4,000.
A Deribit insider summed it up:
“Bitcoin’s still the star of the show, Ether feels neutral. But with Powell’s Jackson Hole speech shaking up markets, this expiry could set the tone for September.”
Why it matters
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Volatility incoming. Expirations this big almost always shake the market.
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Bitcoin hedging is strong. Traders clearly fear a pullback near $110K.
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But bulls haven’t left. Strike levels above $120K are still alive and kicking.
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Ether’s in limbo. No clear direction, which could mean sharper moves when the breakout comes.
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Macro wildcard. Powell + Jackson Hole = extra fuel for volatility.
TopForex.trade take
👉 If you’re trading this week:
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Think defense first. Puts are popular for a reason.
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Don’t sleep on upside plays. Calls above $120K could explode if momentum shifts.
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Stay nimble. Macro + options expiry is a recipe for sudden swings.
The next few days might get messy — but for traders, that’s where the action is.
Source: decrypto.news