On September 25, Deribit released the Bitcoin and Ethereum options expiry data in a volatile crypto market. This is one of the biggest quarter-end expiries this year.
The general market is down by 2.7% today, sliding below $4 trillion in market cap. However, there are plenty of reasons to maintain optimism ahead of the fourth quarter of 2025.
Deribit’s Crypto Options Expiry Details
Deribit announced that over $22 billion in BTC and ETH options will expire on September 26 at 08:00 (UTC).
$17.06 billion in BTC options will expire with a Put/Call Ratio of 0.76 and a Max Pain Point of $110,000. Also, $5.02 billion in ETH options will expire with a Put/Call Ratio of 0.8 and a Max Pain Point of $3,800.
It remains to be seen how the market will react tomorrow, following today’s volatility, which was triggered by multiple factors, including crypto liquidations, geopolitical issues between Russia-US and others.
Bitcoin and Ethereum Price Actions on September 25
At the moment of writing this article, BTC is trading above $111,000, down by over 2% in the past 24 hours. However, BTC managed to rebound from lower levels at $110,000 reached earlier today.
Despite the market volatilty, institutional interest in Bitcoin continues, and the US-based BTC ETFs recorded $241 million in inflows on September 24, according to SoSoValue data, after two previous days of outflows.
It’s also worth noting that, according to data from Bitbo.io, BTC’s volatilty has been considerably declining during the past six months, hinting at an upcoming bright future as the digital asset becomes more stable, despite other market and global conditions.
Deribit also noted a couple of days ago that the BTC volatility is collapsing, highlighting that the last time we saw this setup, “things got interesting fast,” citing data from Amberdata.
ETH is currently trading above $3,900, down by almost 5% in the past 24 hours, being a weaker performer compared to BTC.
It’s also worth noting that the US ETH ETFs recorded their third day of outflows on September 24 at over $79 million, signaling a break in institutional interest.
On September 25, ETH slid below $4,000, triggering crypto liquidations. Over $240 million in ETH long and short positions were liquidated, and the 24-hour crypto liquidations reached over $614 million, with more than $546 million in longs and over $68 million in shorts, CoinGlass data shows.
Why Maintain Optimism Ahead of Q4
Despite the recent market volatilty towards the end of September, the crypto market still has reasons to stay optimistic.
More Interest Rate Cuts Ahead
The next FOMC meeting, scheduled to take place on October 29, is set to bring another rate cut, CME Group probability tracker shows. On September 25, there is an 85.5% chance of another rate cut next month, which will trigger bullish moves for the market.
Q4 is Historically Bullish for BTC
Also, historically speaking, October is a bullish month for Bitcoin. Since 2013, October has been a bullish month for BTC for ten years, CoinGlass shows.
So far, BTC is up by over 3% in September as well, meaning that it could finish this month in the green in 2025.
Crypto-Friendly Policies in the US and Beyond
Besides all these factors, the US has been crafting a crypto-friendlier framework under the current administration, which will also pave a bullish future for BTC and the general market.
Also, European banks are working to launch a MiCA-compliant Euro stablecoin in 2026, a move that highlights how traditional finance in Europe is embracing the crypto industry.
