Bitcoin volatility looks cheap as $10 billion options settlement nears

Bitcoin volatility is being described as inexpensive ahead of Friday’s $10.5 billion quarterly options expiry on Deribit. The exchange’s DVOL is at 41.5%, far below February’s 90% peak, implying traders expect smaller near-term swings than earlier this year. Deribit says call volatility is cheaper than put volatility, making bullish call spreads relatively attractive into the post-expiry reset. The article flags several potential catalysts for higher volatility, including the large options settlement itself, profit-taking dynamics among put holders, weakness in tech stocks that often influences bitcoin, and Thursday’s U.S. core PCE inflation release. The broader message is that BTC may be underpricing near-term risk even as macro and derivatives events loom, which could support volatility-focused positioning and short-dated option demand.