According to Deribit data, Bitcoin and Ethereum options worth $14.6 billion, including contracts for August, will expire today.
Of these, Bitcoin contracts make up the majority of expiring options, with a notional value of $11.47 billion. More specifically,
These expiring Bitcoin options have a total open interest of 102,598, the sum of all open Put (sell) and Call (buy) options contracts.
Meanwhile, these options contracts have a Put-to-Call ratio (PCR) of 0.78, suggesting a cautious yet optimistic outlook in the market, as buy orders outnumber sell orders.
The maximum impact (Max Pain) for Bitcoin options expiring today is $115,000. At this point, most Bitcoin options holders will suffer the greatest financial impact.
Meanwhile, Ethereum options with a notional value of $3.137 billion expire today. This represents a total open interest of 697,419, where call options dominate.
Deribit data shows the PCR at 0.77, highlighting the dominance of buy orders over sell orders and suggesting that options traders are leaning bullish.
The maximum pain price or strike price for Ethereum options expiring today is $3,800, at which point most holders will experience the greatest financial loss.
The options expiring this week are significantly lower than the $5 billion from last week. The difference is that the $14.6 billion corresponds to the month. This is because today is the last Friday of August.
Deribit analysis showed that ETH options activity leans towards cautious optimism, although analysts noted signs of weakness compared to Bitcoin.
The outcome of the options expiring today could be crucial. Amid caution, observed with put-to-call ratios close to 1, the overall sentiment appears to be optimistic among investors.
However, as today's options approach expiration, volatility is expected, and Bitcoin and Ethereum prices may approach their respective maximum pain levels.
