Deribit: Approximately $2.86 billion in BTC and ETH options will expire today, with BTC max pain at $79,000.

Deribit is set to settle roughly $2.86 billion in BTC and ETH options at 08:00 UTC on Friday, Nov. 6, comprising about $2.64 billion in BTC options and $224.5 million in ETH options. BTC open interest is skewed toward calls with a put/call ratio of 0.38, clustered at the $82,000 and $85,000 strikes, and a max pain price of $79,000. ETH positioning leans bearish, with a put/call ratio of 1.27, concentration near the $2,100 strike and a max pain price of $2,350. The expiry matters because the heavy call tilt in BTC and put tilt in ETH could amplify price moves as dealers hedge around the dominant strikes. Traders will watch whether BTC holds above the $79,000 max pain level and how ETH behaves around $2,100 into the settlement.