$21 Billion in Bitcoin and Ethereum Options Expire: Will Crypto Markets Face Volatility?
Bitcoin and Ethereum – The crypto market is facing one of its biggest stress tests of the year as more than $21 billion in Bitcoin and Ethereum options expire today, according to data from derivatives exchange Deribit. With macroeconomic uncertainty and shifting liquidity in the backdrop, traders are preparing for sharp price moves.
Of the total, Bitcoin options account for $16 billion in notional value, with 146,224 contracts outstanding. The put-to-call ratio (PCR) of 0.71 signals stronger bullish sentiment, supported by a max pain level of $111,000, well above Bitcoin’s current trading price of $109,526. This suggests traders may attempt to steer prices closer to the pain point as contracts roll off.
Meanwhile, Ethereum options represent $5.08 billion, with 1.28 million contracts open. Its PCR of 0.86 indicates a more cautious outlook compared to Bitcoin. ETH’s max pain level sits at $3,800, uncomfortably close to its current $3,963 price after a steep sell-off that broke below the psychological $4,000 mark.
Analysts Warn of Ethereum Downside
Options analytics firm Greeks.live flagged Ethereum’s fragile state following this week’s sharp correction, noting that skew has shifted heavily toward puts, reflecting rising bearish expectations. Analysts cautioned that if Ethereum fails to reclaim $4,000, the market could face a bear market repricing scenario.
Bitcoin, by contrast, remains in a tighter trading range, with traders anticipating lower volatility than ETH. Still, the sheer size of today’s expiry—far larger than last week’s $4.3 billion—underscores the potential for disruptive market moves.
What Comes Next for Crypto Markets?
With the expiry hitting at 08:00 UTC on Deribit, short-term volatility is likely. Analysts note that while conditions often stabilize post-expiry, this quarter’s record expiry could help set the tone for Q4 trading. Despite caution, many investors are already placing bullish bets for year-end momentum, hoping the final stretch of 2025 brings renewed strength to crypto markets.
