Bitcoin and Ethereum: Put-Call Ratios Suggest Bullish Sentiment in Bitcoin and Ethereum Options

Bitcoin and Ethereum Options Expiry Surges Above $11 Billion

Bitcoin and Ethereum -This week’s expiring Bitcoin and Ethereum options have surged significantly compared to last week, as these contracts represent the full month’s expiry. Bitcoin options alone total $9.79 billion, while Ethereum options stand at $1.63 billion. According to Deribit data, 92,459 Bitcoin options are expiring today, a sharp increase from last week’s 25,438 contracts.

Market Sentiment and Key Metrics

The maximum pain price for expiring Bitcoin options is $100,000, with a put-to-call ratio of 0.89. This suggests a generally bullish sentiment despite recent price pullbacks. Calls also dominate open interest, with 48,888 call contracts versus 43,571 puts in Bitcoin. Ethereum shows a similar trend, with calls at 343,937 compared to 280,012 puts, and a maximum pain price of $2,300. The put-to-call ratio for Ethereum is 0.81, indicating optimism in the market.

Analysts at Deribit observed, “Calls dominate OI at higher strikes, reflecting lingering upside interest, but with volatility cooling. What do you expect to happen after the expiry?”

Caution Ahead of Expiry

Options expiry often triggers short-term volatility and price swings. BeInCrypto reports that Bitcoin’s price dropped 1.43% to $106,122, while Ethereum declined 3.43% to $2,634 amid expiry day pressures. This comes shortly after the Bitcoin Conference 2025 held in Las Vegas, which saw markets enter a cautious phase.

Greeks.live analysts noted that despite Bitcoin’s price holding above $100,000, derivative market sentiment is increasingly cautious. They stated, “Group consensus is that if buying pressure pauses ‘for one minute,’ Bitcoin will dump like a rock,” highlighting active downside hedging by traders.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.