According to @BullTheoryio, $7.1 trillion worth of US stock and ETF options expire today, marking the largest triple-witching event on record. According to @BullTheoryio, triple witching is a quarterly expiration that occurs on the third Friday of March, June, September, and December, concentrating expirations into a single session. According to @BullTheoryio, the day features three types of derivatives expiring on the same day, creating an unusually large notional roll-off in US equities and ETF options. According to @BullTheoryio, crypto-focused traders can treat today’s record US options expiry as a key calendar event to monitor alongside US market hours.

According to Eric Balchunas, IBIT options open interest has reached $38 billion and IBIT has surpassed Deribit as the largest venue for bitcoin options (source: Eric Balchunas on X, Oct 2, 2025). According to Eric Balchunas, this underscores that ETFs are materially impacting options activity and that "fat crypto margins" are in trouble (source: Eric Balchunas on X, Oct 2, 2025). According to Eric Balchunas, the data point was surfaced by Sidharth Shukla (source: Eric Balchunas on X, Oct 2, 2025).