Intrinsic Value vs Option Expiry

The immediate exercise value of an options contract if exercised today; for a call option: max(0, spot price − strike price); for a put option: max(0, strike price − spot price); an option with intrinsic value is in-the-money.

The date on which an options contract ceases to exist; at expiry, the option is either exercised if in-the-money (capturing intrinsic value) or expires worthless if out-of-the-money; for European-style crypto options (Deribit BTC/ETH), exercise is only possible at expiry, not before.