How would the market react if a $2 billion Bitcoin option expired today?

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Approximately 25,000 Bitcoin option contracts will expire on Friday, May 15th, with a notional value of approximately $2 billion. Due to the small scale of this event, it is unlikely to impact the spot market.

Cryptocurrency prices fell mid-week following US inflation reports, but started to recover a bit on Friday, with total capitalization since Monday at around $25 billion.

Bitcoin options expiration date

The put/call ratio for this week’s set of Bitcoin options contracts is 0.55, meaning there are almost twice as many long sellers as short sellers. According to Coinglass, the biggest pain is around $80,000, but that’s a bit lower than the current spot price, so some people may be out of money when it expires.

Open interest (OI), the amount or number of Bitcoin option contracts before expiration, remains at an all-time high of $1.68 billion with Deribit’s strike price of $80,000, while bears still have $1.2 billion in OI remaining at $60,000. According to Coinglass, the total value of BTC options OI across all exchanges has been steadily rising this month, reaching $38 billion.

“Compared to last week, expiry size has increased significantly, but the put/call ratio has declined further, indicating that traders continue to rotate towards upside exposure,” Deribit said.

🚨 Option expiration alert.
Over $2.63 billion worth of crypto options are scheduled to expire on Deribit tomorrow at 08:00 UTC.
Bitcoin:Native: Notional value $2 billion |Put/Call: 0.55 |Max Payne: $80,000
Ethereum:Native: Notional value $625 million |Put/Call: 0.39 |Max Payne: $2,300
The expiration date compared to last week… pic.twitter.com/r0cJwp1eRy
— Deribit (@DeribitOfficial) May 14, 2026

In addition to today’s set of Bitcoin options, approximately 274,500 Ethereum contracts are also expiring, with a notional value of $625 million, maximum pain of $2,300, and a put/call ratio of 0.39. The total OI of ETH options across all exchanges is approximately $7.3 billion.

Spot market outlook

Total capitalization rose 1.7% on the day to $2.77 trillion, but could see some movement today as the U.S. Transparency Act was passed by the Senate Banking Committee in a bipartisan 15-9 vote on Thursday. Over the past six weeks, the market has been steadily making gains, up 16%.