- Nearly $3B in Bitcoin and Ethereum options expired, putting short-term volatility in focus.
- Bitcoin traded above its $92K max pain level, while options data signaled caution.
- Ethereum options remained balanced, suggesting consolidation as traders await direction.
Nearly $3 billion worth of Bitcoin and Ethereum options have expired on Deribit this Friday, which could affect short-term price moves.
About $2.29 billion of the expiring contracts are tied to Bitcoin, while roughly $432 million are linked to Ethereum. Because of the size of the expiry, traders are closely watching how BTC and ETH behave near key price levels.
Large options expiries often lead to increased volatility, as traders close or roll over positions and market makers adjust their hedges, sometimes causing short-term price swings.
Bitcoin Trades Above Max Pain, but Caution Remains
Bitcoin is trading at $95,669, down 0.3% over the past day, trimming its weekly gain to 5.2%. Ahead of the options expiry, the price remains well above the $92,000 “max pain” level—the price where most options would expire worthless.
Trading above this level raises the likelihood of short-term volatility as traders adjust positions before settlement. While Bitcoin has recently broken out of a nearly two-month consolidation, options data suggests the market remains cautious.
Put open interest is higher than calls, with about 14,946 put contracts versus 10,024 calls. This puts the put-to-call ratio at around 1.39, showing traders are still focused more on downside protection than bullish bets.
According to analysts at Greeks.live, the recent price rally has not been supported by stronger derivatives activity. Futures volume remains muted, and implied volatility across major expiries is still relatively low.
Ethereum Options Reflect a Neutral Market
Ethereum’s options market looks more balanced than Bitcoin’s. ETH is trading at $3,312, just above its $3,200 max pain level. Call and put open interest are about 64,015 calls and 66,856, respectively, and the resulting put-to-call ratio lies around 1.04.
This reflects Ethereum’s recent price action. Despite gaining 12.8% over the past month, ETH has struggled to break above the $3,400 level. The options data suggest traders remain cautious and hedged as they wait for a clearer direction.
Related: Ethereum Consolidates Near $3,350 Level as New Wallet Activity Surges
Institutional Activity Favors Bitcoin
Derivatives data shows that institutional interest is much stronger in Bitcoin than in Ethereum. Earlier this week, Bitcoin block trades reached about $1.7 billion, making up over 40% of daily trading volume, according to Greeks.live. By comparison, Ethereum block trades were around $130 million, or roughly 20% of its volume.
This gap highlights Bitcoin’s continued role as the main focus for institutional traders in the current market environment.
What Happens After Expiry
After options settle, market attention shifts from expiry positioning to fresh spot and derivatives activity. As hedges unwind, volatility may fade or briefly spike.
Post-expiry price action is driven more by spot demand, futures trading, and liquidity. Bitcoin could see clearer moves if volume picks up, while Ethereum may continue to consolidate due to its balanced options positioning.
Historically, volatility around large expiries is short-lived, with investors watching post-expiry flows to see if recent gains hold or prices return to prior ranges.
Related: Bitcoin Could Lose $96K Level as US-Iran Tensions Rise
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Source: https://coinedition.com/3b-in-bitcoin-and-ethereum-options-expire-on-friday-how-will-the-market-react/
