Overview
- Deribit’s settlement of 24,838 bitcoin options contracts worth about $1.72 billion coincided with price gravitating to the $70,000 max‑pain strike, holding a tight $69,000–$71,000 range.
- Roughly 141,810 traders were liquidated over 24 hours for about $541 million in losses, with longs accounting for roughly $443 million as leveraged positions unwound.
- The larger March 27 Deribit quarterly expiration totals about $13.5 billion in notional open interest with a put‑call ratio near 0.63 and a widely cited max‑pain level around $75,000.
- Deep out‑of‑the‑money $20,000 bitcoin puts represent roughly $596 million in open interest, though Deribit’s Sidrah Fariq says much of that flow reflects premium‑selling rather than outright crash bets.
- VanEck reports record pricing for downside protection and a recent put/call open‑interest ratio peak near 0.84, signaling a defensive options posture despite stabilizing spot conditions.