On August 21, Deribit released the Bitcoin and Ethereum options expiry data in a volatile crypto market. Over $4.8 billion in crypto options are set to expire on August 22.
Deribit’s BTC and ETH Options Expiry Data
In an official announcement via X, Deribit revealed that $3.83 billion in BTC options will expire with a Put/Call Ratio of 1.31 and a Max Pain Point of !$118,000.
Also, $948 million in ETH options will expire with a Put/Call Ratio of 0.82 and a Max Pain Point of $4,250.
While ETH’s price on August 21 is close to the Max Pain Point, BTC’s price is lower compared to the Max Pain Point today. It remains to be seen how the market will react on August 22.
🚨 Options Expiry Alert 🚨
At 08:00 UTC tomorrow, over $4.8B in crypto options are set to expire on Deribit.$BTC: $3.83B notional | Put/Call: 1.31 | Max Pain: $118K$ETH: $948M notional | Put/Call: 0.82 | Max Pain: $4,250BTC expiry tilts put-heavy, while ETH call interest… pic.twitter.com/AGuHa2Txxs
— Deribit (@DeribitOfficial) August 21, 2025
On August 21, the general crypto market is up by over 0.2%.
Bitcoin and Ethereum Price Trajectories on August 21
In the past 24 hours, ETH was a better performer compared to BTC.
BTC Price Action
At the moment of writing this article, BTC is trading in the red and the digital asset is priced above $113,000.
During the past seven days, BTC recorded volatilty, with prices dropping from levels above $118,000 to $112,000 before a bounce back at current levels.
Since August 15, BTC ETFs in the US have recorded outflows, with the biggest outflow day being on August 19 – above $523 million.
ETH Price Action
At the moment of writing this article, ETH is trading above $2,400, up by over 1.5% in the past 24 hours. ETH rebounded from $4,100 levels on August 20, reaching $4,348 earlier today.
ETH ETFs also recorded four consecutive outflow days since August 15, with the most significant one being August 19, near $430 million.
Why Crypto Markets Should Maintain Optimism
Despite the recent volatility in the crypto market, there are still plenty of reasons to remain bullish. Bitcoin-centric companies continue their accumulation regardless of BTC’s price action, amidst growing global adoption.
Also, the prospect of the US Fed slashing interest rates next month brings more optimism. Usually, when the Fed cuts interest rates, Bitcoin’s price rallies. As of August 21, there are over 79% odds that the Fed will cut rates at the next FOMC meeting scheduled for September 17.
Following Trump’s meeting with EU leaders to discuss the Ukraine-Russia war, the markets could also benefit from an end to the war between the two countries as soon as this becomes a reality.
Another issue worth mentioning is that historical data shows that BTC tends to have a bullish Q4. Since 2013, BTC has had eight green Q4s, according to Coinglass data.
Overall, there are enough reasons to stay bullish.
