$3.6B Crypto Options Expire – Market Volatility Ahead?

Approximately $3.6 billion in Bitcoin and Ethereum options are set to expire today—a potential catalyst for short-term volatility. While smaller than last week’s $17.27B expiry, today’s event could still shake up crypto markets.

Breaking Down the Numbers

💰 Bitcoin Options ($2.98B expiring)

• 27,384 contracts (vs. 139,390 last week)
• Put/Call Ratio: 1.05 (slightly bearish)
• Current Price: $109,130 (above $106K max pain)

💎 Ethereum Options ($610M expiring)

• 237,278 contracts (vs. 938,551 last week)
• Put/Call Ratio: 1.25 (more bearish than BTC)
• Current Price: $2,577 (above $2.5K max pain)

What Is “Max Pain” & Why It Matters

The maximum pain price is where the most options expire worthless—causing maximum losses for traders. Interestingly:

• Both BTC and ETH are trading above their max pain levels
• Historically, prices often gravitate toward max pain near expiry

Mixed Signals From Traders

Analysts note:
🔹 Short-term caution: Traders using put spreads & hedging
🔹 Long-term bullishness: Call options still being held
🔹 Unusual activity: Rising perp CVD + stagnant spot market

What to Watch Next

• Potential support levels: $102K BTC / $2.4K ETH
• OI & funding rates: Increasing—could signal position shifts
• Post-expiry reaction: Will prices hold or revert to max pain?