Bitcoin And Ethereum Options Expiry Could Shake Up The Market:

More than $23 billion worth of Bitcoin options are set to expire, marking the largest options expiration in the cryptocurrency’s history. Ethereum option expiry makes up $3.8 billion.

Options are leveraged bets on the future price of Bitcoin: call options anticipate an increase in price, while put options anticipate a decrease. When these options expire, one of two things happens: either they expire worthless, or they trigger hedging actions that necessitate buying or selling in the spot market.

For perspective, previous year-end expiries have been significantly smaller: around $6 billion in 2021, $2.4 billion in 2022, $11 billion in 2023, and $19.8 billion in 2024. 

For Bitcoin, the $100,000 – $116,000 call options dominate, while the $85,000 put remains the most popular downside bet.

Ethereum shows a similar pattern, with concentrated call interest above $3,000.