Bitcoin faces volatility test as $10.9B in Deribit options expire today

Roughly $10.9 billion in Deribit Bitcoin options expire today, a large expiry that can amplify short-term volatility around the settlement. The 0.53 put/call ratio shows heavier call positioning, but the biggest call clusters sit well above Bitcoin's current price, so many of those bets are out of the money. Traders watch this because a large expiry can pull price toward key strike levels and trigger sharp moves as positions roll off.