Bitcoin Likely to Rally After September Options Expiry: Deribit Poll

Bitcoin options contracts worth $3.3 billion are set to expire today.

AccessTimeIconSep 24, 2021 at 8:06 a.m. UTC
Updated Apr 10, 2024 at 2:06 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Traders expect bitcoin to rally after Friday’s monthly options expiry, a Twitter poll conducted on Thursday by Deribit, the world’s largest crypto options exchange, showed.

Nearly 50% of the 517 votes favored “UpOnly”, or the cryptocurrency extending its bounce from recent lows near $40,000. Meanwhile 21% voted for “Nuke” – indicating for a price drop.

A total of 74,200 bitcoin options contracts worth $3.3 billion are due to expire today. Deribit alone is settling nearly 65,000 contracts at 08:30 UTC, the designated expiry time on the dominant exchange.

Most of the open interest is concentrated in the higher strike call options and will expire worthlessly.

This year, the options market has gained notoriety, with bitcoin witnessing pullbacks while heading into the expiry and regaining an uptrend following the event. The pattern was observed in the first four months of the year and in August.

Some analysts say the options market is still quite small to have a material impact on the spot price. As of Thursday, bitcoin’s global options volume was around $500 million, amounting to just 1.25% of the spot market volume of $40 billion, according to data sources Skew and CoinGecko.

Bitcoin is trading largely unchanged on the day at almost $44,900 amid signs of stability in traditional markets. The S&P 500 closed above the crucial 50-day moving average on Thursday.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about