The cryptocurrency derivatives market is getting ready for a major expiry today, with nearly $6 billion in Bitcoin (BTC) and Ethereum (ETH) options set to expire today. The event is expected to drive strategic repositioning among traders. It could also influence market volatility into the weekend.
According to data from Deribit, Bitcoin’s “max pain” level, the strike price at which the largest number of options expire worthless, is $117,000. Currently, BTC is trading just above that, at $118,995 as per CoinMarketCap.
The put-call ratio (PCR) for today’s expiring BTC options stands at 0.90, indicating slightly more calls than puts and pointing toward a bullish bias. About $4.78 billion worth of BTC options are expiring today, covering just over 40,000 contracts.
Ethereum’s key expiry price sits at $4,000, below its current trading price of $4,629 as per CoinMarketCap. Traders are split on where ETH will head next, though there’s a slight lean toward caution. Around $1.33 billion in ETH options are closing today, across nearly 288,000 contracts.
Market Reacts to Options Expiry
This week’s expiry surpasses last Friday’s, when nearly $5 billion worth of contracts lapsed. According to analytics platform Greeks.live, the current expiries come as markets are still digesting a surprise correction triggered by macroeconomic data. An unexpectedly strong U.S. Producer Price Index (PPI) reading was the primary catalyst, with core CPI inflation climbing back above 3% and PPI inflation hitting 3.7%, the highest since March 2022.
Despite recent macroeconomic shocks, Greeks.live analysts posted on X that the options market remains stable, noting, “Looking at the main options data, in terms of implied volatility, BTC’s IV remains low, with short- and medium-term IVs remaining below 35%, while ETH’s main term IV remains as high as 70%, matching the current potential volatility expectations for ETH.”
The expiry coincides with record-breaking activity on Deribit, which reported $10.9 billion in daily trading volume, marking the first time the platform has surpassed the $10 billion mark.
While sentiment remains split, some traders highlight strong buying momentum and “infinite bid” conditions, while others caution about a potential local top near $122,000 for BTC and $4,700 for ETH.
Also Read: Block Launches Proto Rig and Proto Fleet for Efficient Bitcoin Mining
