TL;DR
Bitcoin is holding steady near $106,000 despite a recent 1.7% dip.
Today, Bitcoin and Ethereum options worth a combined $11.5 billion expire, potentially triggering market volatility.
The put-to-call ratio shows a moderately bullish sentiment among traders, with more bets placed on price increases.
The cryptocurrency market is bracing for a pivotal moment this Friday, just after the conclusion of Bitcoin Conference 2025 in Las Vegas. The event generated a wave of optimism about the future of Bitcoin and Ethereum, yet all eyes are now on the expiration of options contracts valued at nearly $11.5 billion. This large-scale expiration could lead to significant price swings across the market.
$9.8 Billion in Bitcoin Options Expiring Today
According to data from Deribit, a leading crypto derivatives platform, roughly 92,500 Bitcoin options contracts are set to expire today, representing an aggregate value close to $9.8 billion. Bitcoin is currently trading around $105,610, down about 1.76% in the last 24 hours. The so-called maximum pain price — the level where most option holders lose money — stands at $100,000, which is below the current market price.
While this level might put some downward pressure on Bitcoin’s price, traders maintain a moderately optimistic stance, as indicated by a put-to-call ratio of 0.89. This ratio suggests more investors are betting on price gains rather than declines, signaling confidence that Bitcoin could hold or even push above current levels once the options expire.
Ethereum Also Faces a Major Options Expiry with $1.6 Billion at Stake
Bitcoin isn’t the only major player involved in this options expiry. Ethereum is also seeing nearly 624,000 options contracts expire today, with a total value around $1.6 billion. Ethereum is trading near $2,600, down about 4% over the past day. Its maximum pain price is $2,300, and the put-to-call ratio of 0.81 reflects a similar cautiously optimistic outlook among traders.
Together, these massive expirations may drive increased short-term volatility as traders adjust their positions or hedge against unexpected price fluctuations. The current liquidity and trading volumes — Bitcoin’s 24-hour trading volume is close to $60 billion — show a market that is active and ready to seize opportunities amid these shifts.
Events like this present experienced investors with chances to capitalize on price movements caused by the expiration of options. Overall, the crypto market shows resilience and sustained investor confidence, keeping assets like Bitcoin and Ethereum as foundational pillars of the ecosystem.
