The Options Board

Where the big option bets sit on Bitcoin and Ether, and what the option whales are doing right now.

Deribit · 1m ago

Open interest · money in open option bets

$33B

Puts vs calls · leaning to calls

0.56 put/call

calls 64%36% puts

Expected swings · how jumpy the market expects things

37 calm

calmjumpy

Where the bets sit

open interest by strike

calls (upside bets)puts (downside cover)

$1.3B

$100,000

$54M

$1.3B

$90,000

$103M

$1.2B

$85,000

$88M

$1.3B

$82,000

$42M

$1.5B

$80,000

$284M

spot $81,962

$723M

$78,000

$390M

$579M

$75,000

$668M

$488M

$72,000

$344M

$1.3B

$70,000

$996M

$266M

$60,000

$1.2B

$27M

$50,000

$739M

$31M

$40,000

$853M

The walls act as magnets. Price often gets pulled toward the strikes holding the most open bets as they get close to expiring.

Max pain

where most options expire worthless

1SEP260d $78,500 ▼ 4.2%

2SEP261d $78,000 ▼ 4.8%

3SEP262d $78,000 ▼ 4.8%

4SEP263d $71,000 ▼ 13.4%

The strike the market has the least reason to push past. A rough gravity point into expiry, not a forecast.

When it expires

open interest by date

25SEP2624 days $13B

25DEC26115 days $9.1B

30OCT2659 days $2.8B

26MAR27206 days $2.5B

4SEP263 days $2.4B

11SEP2610 days $1.1B

Open interest · money in open option bets

$4.3B

Puts vs calls · leaning to calls

0.54 put/call

calls 65%35% puts

Expected swings · how jumpy the market expects things

51 moderate

calmjumpy

Where the bets sit

open interest by strike

calls (upside bets)puts (downside cover)

$130M

$3,500

$4M

$253M

$3,200

$4M

$181M

$3,000

$23M

$116M

$2,800

$12M

$117M

$2,600

$32M

$201M

$2,500

$31M

spot $2,556

$95M

$2,400

$47M

$85M

$2,300

$62M

$175M

$2,200

$91M

$29M

$2,100

$139M

$124M

$2,000

$102M

$45M

$1,900

$92M

The walls act as magnets. Price often gets pulled toward the strikes holding the most open bets as they get close to expiring.

Max pain

where most options expire worthless

1SEP260d $2,480 ▼ 3.0%

2SEP261d $2,440 ▼ 4.5%

3SEP262d $2,440 ▼ 4.5%

4SEP263d $2,350 ▼ 8.1%

The strike the market has the least reason to push past. A rough gravity point into expiry, not a forecast.

When it expires

open interest by date

25SEP2624 days $1.7B

25DEC26115 days $1.3B

26MAR27206 days $349M

4SEP263 days $283M

30OCT2659 days $197M

11SEP2610 days $158M

Big option trades, live

buys and sells above a size floor

SELL BTC $79,000 Call · 4SEP26 $2M $21K paid 37 iv

BUY BTC $79,000 Call · 18SEP26 $2M $56K paid 36 iv

SELL BTC $80,000 Call · 4SEP26 $4M $23K paid 38 iv

BUY BTC $85,000 Call · 4SEP26 $4M $4K paid 52 iv

SELL BTC $77,500 Put · 1SEP26 $2M $2K paid 35 iv

SELL BTC $78,000 Put · 3SEP26 $3M $28K paid 36 iv

SELL BTC $78,500 Call · 3SEP26 $3M $28K paid 35 iv

BUY BTC $81,500 Call · 3SEP26 $3M $5K paid 41 iv

BUY BTC $75,500 Put · 3SEP26 $3M $5K paid 38 iv

SELL BTC $78,000 Put · 3SEP26 $3M $28K paid 36 iv

SELL BTC $78,500 Call · 3SEP26 $3M $28K paid 35 iv

BUY BTC $75,500 Put · 3SEP26 $3M $5K paid 38 iv

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Options data from Deribit. Open interest and trades are the venue's own; spot price is the venue index. Not investment advice.