Over $2 billion worth of Bitcoin and Ethereum options expire today. This could lead to strong price movements in the short term. The crypto market is eyeing the pain points of $85,000 for BTC and $2,000 for ETH.
Traders expect ups and downs with a possible breakout in one direction or the other.
Over $2 billion in crypto options expiration today
According to Deribit, $1.826 billion in Bitcoin options are outstanding today. The maximum value of these contracts is $85,000.
These options comprise 21,596 contracts, slightly less than the previous week’s 35,176 contracts. Despite the recent volatility, the put-call ratio of 0.83 indicates an overall bullish sentiment.
Ethereum has $264.46 million in outstanding crypto options, comprising 133,447 contracts. This number is also lower than the previous week’s 223,395 contracts. The maximum strike price for these options is $2,000, and the put-call ratio is 0.62.
With options contracts expiring today at 8:00 UTC, Bitcoin and Ethereum prices are expected to approach their respective maximum pain points. According to BeInCrypto data, BTC traded for $84,414, while ETH changed hands for $1,977.
This suggests a moderate increase for Bitcoin and Ethereum toward the $85,000 and $2,000 strike prices, respectively. This increase is plausible, given the strategy of “smart money” in crypto options trading to drive prices toward “maximum pain,” where most contracts, both calls and puts, expire worthless.
“Will we see volatility pressure or a slow unwind?” Deribit asked in a post on X (Twitter).
Based on the Bitcoin and Ethereum call-to-put ratios, both below 1, call options (buys) are more prevalent than put options (sells).
Market Sentiment Ahead of Today’s Options Expiry
Analysts at the crypto options trading tool Greeks.live provided insights into the current market sentiment, highlighting a divided trading community. On the one hand, some expect a price drop after the FOMC meeting, as policymakers rejected further interest rate cuts, disappointing the crypto market.
On the other hand, some expect a temporary surge ahead of choppy conditions. Analysts note the $83,000-$85,000 range as an area of ​​interest, with expected volatility surrounding Trump-related developments and possible MicroStrategy (now Strategy) purchases.
“Expect ups and downs and a slow decline before a rebound on Monday, although the current surge is not considered sustainable,” observed Greeks.live analysts.
Elsewhere, BeInCrypto reported that Bitcoin Exchange CEO Gracy Chen is confident that BTC will remain above the $73,000-$78,000 range, paving the way for a potential rally to $200,000. She links her optimism to the potential of the US strategic Bitcoin reserve to promote institutional legitimacy and long-term price stability.
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