Today, $3 billion in Ethereum and Bitcoin options expired on Deribit, putting short-term price action under the spotlight as the market evaluates the strength of the recent rally.
Roughly $2.3 billion of the expiring contracts were tied to Bitcoin, while about $430 million were linked to Ethereum.
Given the size of the expiry, traders watched key price levels closely, as options settlements can cause short bursts of volatility when positions are closed or rolled over.
Key Data Points
About $3 billion in Ethereum and Bitcoin options expired, highlighting short-term market volatility.
Bitcoin held above its $92K max pain level, signaling strength after the expiry.
Options data stayed defensive, with a 1.39 put-to-call ratio showing downside hedging.
Ethereum options were balanced, reflecting a cautious and wait-and-see trader stance.
Bitcoin Above Max Pain
Bitcoin was trading around $95,500 at the time of expiry, slightly lower on the day but still up more than 4.9% on the week. This places BTC well above its $92,000 max pain level, the price where the highest number of options would expire worthless.
While staying above max pain signals strength, it also increases the chance of short-term volatility as traders rebalance. Options data remains cautious, with puts outweighing calls and a put-to-call ratio of about 1.39. This figure confirms traders are still focused on downside protection despite the recent breakout.
Other derivatives data supports this view. Futures volume is relatively low, and implied volatility remains subdued, suggesting the rally has yet to be fully backed by strong derivatives activity.
Ethereum Options Show Neutral Setup
Ethereum’s options market presents a more balanced picture. ETH trades at $3,290, just above the $3,200 max pain level. Call and put open interest are nearly evenly matched, producing a put-to-call ratio close to 1.04.
This positioning aligns with Ethereum‘s recent price action. Despite gaining close to 9% over the past month, ETH has struggled to push decisively above the $3,400 resistance zone.
Options data suggests traders remain hedged and undecided, waiting for a clearer directional signal before increasing risk.
What to Watch After the Expiry
With the options now settled, market attention moves back to spot demand, futures activity, and liquidity conditions. As hedges soften, volatility could either fade quickly or spike briefly before stabilizing. Meanwhile, price swings around large options expiries historically tend to be short-lived.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.