Crypto options expiry: when it happens and why it matters

Bitcoin and Ethereum options expire every Friday at 08:00 UTC (4pm Singapore time), with bigger monthly and quarterly expiries. Here's why traders watch them.

Options are contracts that give the right to buy or sell at a set price on a set date. In crypto, most Bitcoin and Ethereum options trade on an exchange called Deribit, and they expire on a fixed schedule.

When they expire

• Every Friday at 08:00 UTC, which is 4pm in Singapore.
• The last Friday of each month is a bigger monthly expiry.
• The last Friday of March, June, September and December is the biggest, the quarterly expiry, often worth many billions of dollars.

There are daily expiries too, but they're much smaller.

Why traders watch big expiries

• Prices can get "pinned". Some traders believe prices drift towards the max pain level ahead of a large expiry.
• Volatility can change after expiry. Once big positions settle, the market can move more freely in the following days.
• Hedging flows. The firms that sell options buy and sell the underlying coin to stay balanced, which can add to price moves near key levels.

Keep it in proportion

Expiries matter most on quiet weeks. When big news hits, such as a Fed decision, it usually outweighs any expiry effect.

How SteelWater uses it

Our daily read flags upcoming large expiries in Singapore time, the max pain level, and the size of the expiry, so you know when to expect a choppier Friday.

General market information for education only, not financial advice. Crypto-assets are highly volatile; never risk money you can’t afford to lose.