Karla Barker 
About $2.67 billion in Bitcoin and Ethereum options will expire on Deribit tomorrow at 11:00 AM Turkish time. Bitcoin has slipped below $72,000 and Ethereum is trying to hold near $2,000, so the expiry has drawn more attention than usual. The mix of open contracts looks different for the two assets, and that difference may shape short-term price moves.
Bitcoin Calls Outnumber Puts
For Bitcoin, 33,246 contracts are set to expire. That includes 22,127 calls and 11,119 puts. The put/call ratio is 0.50, meaning there are roughly two call options for every put. The nominal value is about $2.37 billion. With the Bitcoin index at $71,353, the max pain level at $76,000 sits about 6.5% above the current price. After today’s sell-off, the gap is more than $4,600. That does not guarantee a move back toward $76,000, but it is a level traders will likely watch into settlement.
Ethereum Puts Lead
Ethereum’s expiry looks heavier on the put side. About 148,741 contracts are open, with a nominal value near $297.6 million. Of those, 89,498 are puts and 59,243 are calls. The put/call ratio is 1.51, so there are about 151 puts for every 100 calls. Ethereum’s max pain level is $2,200, while the index was near $2,001, a difference of roughly 10%.
The $2,000 strike stands out. Data from Optionly, combining Deribit and Derive, shows about 49,000 ETH in put options at that level. If settlement stays below $2,000, those puts gain payout value. If it stays above, they expire worthless. That makes the area around $2,000 a clear line to watch.
Settlement Uses a Time-Weighted Average
Deribit calculates the settlement price using a time-weighted average of index values between 10:30 and 11:00 AM Turkish time. So the last half hour before expiry matters for payouts. The final price is not simply the reading at 11:00. That detail can matter when the market is moving quickly, and perhaps more so when large strikes are close to the index.
For now, Bitcoin’s call-heavy book and Ethereum’s put-heavy book point to different pressures. The numbers are useful context, not a forecast. This is not investment advice.