This week is electrifying for the crypto markets, with Bitcoin (BTC) smashing through its previous all-time high to hit $126,198. But just as traders celebrate, the market braces for a storm, over $5.6 billion worth of Bitcoin and Ethereum options contracts are set to expire, making the largest expiries from the past weeks.
According to Deribit, the world’s top crypto options exchange, Bitcoin leads with $4.6 billion in options contracts set to expire. There are about 384,483 open contracts.
The Put/Call ratio is 0.80, which means there are more bullish call options than bearish puts.
The “max pain” price, where most contracts could expire worthless, is $117,000, lower than Bitcoin’s current price of $121,743. BTC has dropped slightly in the last 24 hours, and its market cap is now $2.43 trillion.
Ethereum (ETH) also faces significant expiries, though smaller in scale compared to Bitcoin. As per Deribit data, about $1.06 billion in ETH options, or 2,467,751 contracts, will expire this week.
Meanwhile, the Put/Call ratio of 0.26 shows a very bullish sentiment. The max pain price for ETH is $4,430, slightly above its current price.
When such large options expire, prices can move sharply as traders close positions and dealers adjust their risk. In the past, Bitcoin and Ethereum have seen 2–8% corrections around these events before stabilizing.
Thus, traders are watching key strike levels closely, Bitcoin at $110,000 puts and $120,000–$140,000 calls, and Ethereum at $4,000 and $5,000.
The max pain zone often acts like a magnet, drawing price action toward it just before expiry, which can create volatility and trading opportunities in the short term.
A large options expiry can cause sharp price volatility as traders adjust their positions. This often leads to short-term price swings before the market stabilizes again.
The “max pain” price is the strike price where the most options contracts expire worthless. It often acts like a magnet, pulling the asset’s price toward it right before expiry.
Volatility spikes as traders buy or sell the underlying asset to hedge their expiring contracts, and dealers adjust their hedges, creating large, concentrated waves of market activity.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Sharps Technology has announced a strategic collaboration with Coinbase, one of the world’s leading digital…
The Stellar price today remains in a tight consolidation phase between $0.38 and $0.40, as…
State Street, managing $4.1 trillion in assets, forecasts that most institutional investors will double their…
While many presales rely on hype, XRP Tundra takes a structural approach closer to Chainlink’s…
Back in 2021, Solana (SOL) rose from under $2 to more than $250, rewarding early…
What is $LILPEPE? Little Pepe ($LILPEPE) is a next-generation meme coin built on a layer-2…