In short
- About $15 billion in Bitcoin option contracts ended on Deribit on Friday, representing 40% of the BTC open interest on the exchange.
- The diplomatic window linked to Trump’s suspension of Iran nuclear strikes expires at the end of Friday.
- Analysts expect an end to the order but warn that post-retracement prices and strong volatility could trigger a weekly move.
There are approximately $15 billion worth of Bitcoin options contracts active on derivatives exchange Deribit on Friday.
This represents about 40% of the $36.5 billion worth of BTC currently open on exchanges. The derivatives exchange was was purchased by Coinbase in a $2.9 billion deal in 2025, but it still works as Deribit.
Jean-David Pequignot, chief executive of the exchange’s chief trading officer, said the platform will see $17 billion worth of options expire tomorrow, which includes Bitcoin and Ethereum. He said that the geopolitical forces will arrive on Friday.
“Bitcoin’s recent increase back to $71k was fueled by President Donald Trump’s decision to suspend strikes on Iranian factories for five days,” he said. Decrypt. “This diplomatic window expires in line with Friday’s decision-making process, which is increasing the usual volatility in the term.”
Even so, Mr Pequignot added that Deribit’s decision showed traders had been reducing risk ahead of Friday’s close. Deribit’s CEO said the exchange has seen an “irreversible shake-up” with BTC and ETH transactions.
“This shows that the market is valued in a controlled period rather than a sudden burst,” he said.
Wednesday afternoon, that’s it Bitcoin open interest reached $112 billion after rising 8% the previous day, according to the accounting platform Coinglass. The platform integrates Bitcoin derivatives from 24 different exchanges, including Deribit, CME, Binance, OKX, and ByBit.
Nexo expert Iliya Kalchev said Decrypt he agrees that traders should expect “systematic stability.”
“The most interesting question is what happens after that – as soon as the options increase, the price is self-sustaining, and some extras at the end of the week will not be surprising,” he added.
Sometimes it happens that the big ends, like in September 2025start a big weekend event that starts again the following week. To this end, a Bitcoin volatility 30 days it fell to 0.88%, according to BitBo. But within a week, the metric jumped up to 1.14% and then remained in the same direction and over 2% at the end of the month after $ 19 billion removed completely it caused the BTC crash.
Recently, Bitcoin’s 30-day has been higher. As of Wednesday afternoon, the metric was at 2.23%. Despite the increase, there are encouraging signs from the markets, Kalchev said.
“But the main issue, however, is the strength of Bitcoin around $70,000,” he said.
For traders who are betting time on BTC going higher, they should watch the ETF exit and accumulate on the chain, Kalchev added, “it shows that new money is coming in to replace the current participants in the round.”
As of Wednesday afternoon, Bitcoin was changing hands at $70,912.18 after gaining 2.3% the previous day, according to crypto price aggregator CoinGecko.
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