Today, a staggering $27 billion worth of Bitcoin and Ethereum options reached expiration on Deribit, one of the leading crypto options exchanges globally. Bitcoin is currently trading around $88,000, while Ethereum is positioned near $2,950, as traders prepare for a potential spike in market volatility.
This considerable volume of contracts expiring simultaneously could have a significant impact on the overall cryptocurrency market.
Bitcoin Faces $23.6 Billion Option Expiry
Bitcoin dominates today’s expiry, with a notable $23.6 billion in BTC options set to settle. According to Deribit, approximately 268,000 option contracts are clearing in this session, which is a substantial amount of risk being mitigated in one fell swoop.
Despite the enormity of the expiry, traders appear to maintain a positive outlook. The current put-to-call ratio is at 0.38, indicating that more participants are betting on price increases than declines.
The “max pain” level—where the greatest number of option holders are likely to incur losses—sits around $96,000, functioning as a psychological price point as expiration approaches.
Bitcoin Eyeing $100K Level
In recent weeks, Bitcoin has oscillated within a tight trading range, consistently testing key levels. Crypto analyst Michael van de Poppe highlighted that sellers have struggled to push BTC below $86,500, revealing strong support from buyers. However, every attempt to breach the $90,000 mark has met significant resistance, suggesting heavy selling pressure at that threshold.
Analysts assert that $90,000 represents a critical barrier. A decisive breakout above this level, reinforced by substantial trading volume, could rejuvenate bullish momentum and pave the way toward a potential $100,000 milestone.
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Ethereum Traders Remain Cautious After Options Expiry
Ethereum is similarly in focus, with close to $4 billion in ETH options also set to expire. Although ETH has registered minor price increases, traders remain wary rather than overtly confident. The max pain point for Ethereum stands around $3,100, maintaining selling pressure on the price.
Once again, Ethereum has struggled to retain its position above the critical $3,000 threshold, raising concern among its traders. Noted crypto analyst Ted commented that unless ETH can decisively reclaim this price level, the risk for further declines remains elevated.
If the price dips below $2,800, it could trigger a surge in selling pressure. Should it fall further, the next significant support levels are found around $2,600 and $2,500, where buying interest has previously emerged during sell-offs.
XRP and Solana Show Mixed Signals
XRP options continue to indicate market pressure, with traders closely monitoring the $1.80 support level. A downward breach could signal further declines.
Conversely, Solana’s situation appears more balanced, with options data reflecting a neutral stance, and SOL has already made a slight recovery around $123. As we near 2026, this expiry may serve as a significant turning point for both assets.
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FAQs
When options expire, contracts settle, alleviating market risk, which often leads to short-term fluctuations in Bitcoin and Ethereum prices.
A substantial expiry eradicates considerable market risk in a single event, which can increase short-term volatility. The “max pain” price typically serves as a temporary magnet, although the broader market sentiment ultimately dictates long-term trends.
Major expiries can sway market sentiment, influencing XRP’s support around $1.80 and Solana’s recovery experiences near $123.
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