Another Friday brings a fresh wave of expiring Bitcoin and Ethereum options contracts, arriving as spot markets cool off following a recent rally.
Roughly 24,600 Bitcoin options contracts are set to expire on March 20, carrying a notional value of about $1.7 billion. This figure is smaller than last week’s expiry, which had minimal impact on the market, suggesting that this event may also have a limited effect on spot prices.
In recent days, crypto markets have trended downward after the Federal Reserve signaled a firm stance for the remainder of the year. Total market capitalization has dropped by $75 billion since Monday, while both trading volume and volatility have declined.
Bitcoin Options Expiry Details
The current batch of Bitcoin options has a put to call ratio of 0.96, indicating a near balance between bullish and bearish positions. The max pain level sits around $70,000, according to Coinglass, which is close to current spot prices and suggests that many positions could expire profitably.
Open interest, which reflects the total number or value of outstanding contracts, remains concentrated at the $60,000 strike price on Deribit, with about $1.5 billion in bearish positions. Across all exchanges, total Bitcoin options open interest has been rising throughout the month and has reached approximately $44 billion.
Crypto derivatives firm Greeks Live noted that as the quarterly settlement period approaches, Bitcoin could experience a phase of relatively low volatility unless significant market events occur.
Alongside Bitcoin, around 176,500 Ethereum options contracts are also expiring, with a notional value of $377 million. The max pain level for Ethereum is estimated at $2,150, with a put to call ratio of 1.0. Total Ethereum options open interest across exchanges stands near $9 billion.
Combined, the total value of crypto options expiring now is roughly $2.1 billion.
Spot Market Outlook Remains Weak
Spot markets have ended the week on a negative note, with total market capitalization slipping another 1.3 percent to $2.48 trillion.
Bitcoin has moved back toward the midpoint of its consolidation range, briefly falling below $69,000 on Thursday before recovering to trade slightly above $70,000 during Friday’s Asian session.
Ethereum has dropped an additional 3 percent, returning to the $2,100 level and showing signs of weakening momentum. There is growing concern that it could fall below the key psychological level of $2,000 if the recent rally continues to fade.
Most altcoins are also declining, with notable losses seen in Hyperliquid, Zcash, and Toncoin.
Market analyst Daan Crypto Trades warned that repeated failures to break out of Bitcoin’s current range could limit the chances of a sustained recovery. He added that recent price action suggests short positions are being cleared, but the broader trend still points toward further downside pressure.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
