How Will Bitcoin, Ethereum, XRP Move as $2.3B Crypto Options Expire Today?

Crypto traders brace for volatility amid $2.3 billion in Bitcoin, Ethereum and XRP crypto options expiry today. BTC is falling back under $89K amid low trading volumes, derivatives pressure, and declining implied volatility, due to the damage caused by the Greenland tariffs before Trump called them off.

The crypto market cap risks falling below $3 trillion again as the Crypto Fear & Greed Index slips into ‘extreme fear’ at 24, from last week’s neutral sentiment at 49.

Bitcoin Falls Under $89K as amid $2 Billion BTC Options Expiry

Over 21K BTC options with a notional value of $1.94 billion are set to expire on January 23, according to largest derivatives crypto exchange Deribit. The put-call ratio of 0.82 shows neutral sentiment among options traders.

In the last 24 hours, put volume has increased to reach near call volume, with a put-call ratio of 0.96. This comes amid uncertainty in the crypto market, as the Bank of Japan holds rates at 0.75% while maintaining a hawkish inflation outlook.

Bitcoin max pain price is $92,000, above the current market price of $89,100. Expiry positioning is tightly clustered around key strike prices between $87K and $90K, keeping spot sensitive into the cut. Options data suggest BTC price to remain near $90K until the monthly expiry.

Deribit said geopolitics and trade policy uncertainty remain the macro backdrop, supporting hedging demand and keeping volume reactive.

Matrixport claims the Trump tariffs impacted Bitcoin significantly despite abandoning the Greenland-related tariff plans. The current pullback appears tactical rather than a structural change, with implications for positioning that extend beyond the headline noise. “But implied volatility is not spiking, raising the question of whether Bitcoin is losing its role as the market’s primary fear gauge.”

Ethereum and XRP Options Expiry

Over 116K Ethereum options with a notional value of $346 million are set to expire on Deribit, with a put-call ratio of 0.81. Over the last 24 hours, put volume has surpassed call volume, resulting in a put-call ratio of 1.65. It shows traders are extremely bearish and anticipate further selloffs.

Moreover, the max pain price is at $3,200, higher than the current market price of $2,930 at the time of writing. Traders are targeting ETH price to drop below $2,900 leading up to the massive monthly expiry next week.

The impact of options on ETH prices has surged amid options trading on Ethereum ETFs. As CoinGape reported, Nasdaq seeks to remove options trading restrictions for Bitcoin and Ethereum ETFs. This includes BlackRock’s IBIT and ETHA, along with exchange-traded funds by Grayscale, Bitwise, and Fidelity.

Meanwhile, XRP options of notional value $3 million are set to expire today, with a put-call ratio of 1.14. Over the last 24 hours, it has climbed to 1.33 as put volume has exceeded call volume.

The max pain point is at $2.05, above the XRP price of $1.90 at the time of writing. However, traders are betting on XRP to remain under selling pressure. Technical and on-chain data signal negative sentiment among whales and investors.