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Sohrab KhawasSohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Oct 31, 2025 10:37 UTC
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Bitcoin and Ethereum Face $16B Options Expiry Today, Market Braces for Volatility
Over $16B in Bitcoin and Ethereum options expired on Deribit, stirring market volatility as traders eye max pain levels of $114K and $4.1K.
Bitcoin’s $14.4B expiry and Ethereum’s $2.6B trigger cautious optimism after the Fed’s rate cut; analysts expect mild pullback post-expiry.
The crypto market is on edge as more than $16 billion worth of Bitcoin and Ethereum options expired on October 31, 2025, at 8:00 UTC on the Deribit exchange. Coming right after the Fed’s latest rate cut, the timing couldn’t be more critical.
Now, traders everywhere are watching closely to see how this massive expiry will shake up the market.
$14.4 billion in Bitcoin Options Expire
Over $14.4 billion in Bitcoin options expired today on Deribit, marking a sharp increase compared to last week’s $6 billion expiry.
Data shows Bitcoin’s put-to-call ratio stood at 1.31, reflecting a slightly bullish sentiment. The max pain price, where most traders lose money, was set at $114,000, a level that often draws spot prices near expiry. As of now, Bitcoin price is trading near $109,987, with a total market cap of $2.19 trillion.
Despite the massive expiry, analysts expect the price to stay steady or see a small pullback as the market adjusts after this large expiry.
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$2.6 Billion in Ethereum Options Expire
Ethereum (ETH) also faces significant expiries, as Deribit data show an options worth $2.6 billion also expired, with a max pain level of $4,100. However, the put-to-call ratio of 1.91 indicates cautious optimism but also hints at trader hesitation following the Fed’s rate decision.
As of now, the Ethereum price is trading near $3,847, staying below the key pain level.
How Will the Crypto Market Be Impacted?
The expiry of such a large volume of Bitcoin and Ethereum options often triggers short-term volatility. In past events, both coins have seen brief 2–8% dips before stabilizing. This is because prices tend to move toward the “max pain” levels, the points where traders lose the most.
For this expiry, Bitcoin’s max pain level is $114,000, and Ethereum’s is $4,100, suggesting prices may hover near these levels as traders rebalance their positions.
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FAQs
When options expire, contracts settle, causing short-term volatility as traders rebalance around key “max pain” price levels.
Over $16 billion in options expired — $14.4 billion in Bitcoin and $2.6 billion in Ethereum — marking one of the largest expiries this year.
The Fed’s rate cut could balance volatility by improving liquidity, but traders remain cautious as markets adjust to new rate expectations.
A brief 2–8% dip is possible as positions unwind, but analysts expect prices to stabilize once expiry-driven pressure fades.
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