Another weekly crypto options expiry has arrived, with nearly $1.85 billion worth of Bitcoin and Ethereum contracts set to expire amid one of the market’s weakest stretches in recent months.
Although the event is smaller than last week’s month end expiry, traders remain focused on whether continued weakness in spot markets could lead to additional volatility heading into the weekend.
Bitcoin Options Worth $1.6 Billion Settle Today
Approximately 26,000 Bitcoin options contracts are scheduled to expire, representing a notional value of roughly $1.6 billion.
Data from market trackers shows a put to call ratio of 0.56, indicating that bullish call positions continue to outnumber bearish put positions. The maximum pain level, the price at which the greatest number of options contracts expire worthless, is currently estimated at around $71,000.
With Bitcoin trading far below that level, many of today’s contracts are expected to expire out of the money.
Open interest remains heavily concentrated at the $80,000 strike price on Deribit, where traders hold approximately $1.6 billion in outstanding contracts. However, bearish positioning remains significant as well, with roughly $1.1 billion in open interest tied to the $60,000 strike.
Overall Bitcoin options open interest across exchanges has been declining and currently stands near $31.6 billion.
Market analysts at Deribit noted that Bitcoin is trading roughly $8,000 below the max pain level after a turbulent week that triggered more than $1.5 billion in liquidations and briefly pushed the asset below $62,000.
Meanwhile, analysts at Greeks Live reported increasing bearish sentiment among traders. According to the firm, put option activity has risen notably at strike prices of $68,000, $65,000, and $60,000 as investors position for potential downside.
Ethereum Contracts Add Another $266 Million
Alongside Bitcoin’s expiry, roughly 153,500 Ethereum options contracts are also reaching expiration.
These contracts carry a combined notional value of approximately $266 million. Ethereum’s maximum pain level sits at $2,000, while its put to call ratio stands at 0.97, reflecting a more balanced distribution between bullish and bearish bets.
Total Ethereum options open interest across exchanges is currently estimated at around $5.7 billion.
Combined, the Bitcoin and Ethereum expirations represent about $1.85 billion in notional value, a figure that market participants generally consider manageable compared with larger monthly settlement events.
Crypto Market Endures Its Weakest Week in Months
The options expiry comes during a particularly difficult period for digital assets.
Total cryptocurrency market capitalization has fallen to approximately $2.26 trillion, its lowest level in four months. More than $300 billion has been erased from the market this week as investors continue to reduce exposure to risk assets.
Several factors have contributed to the decline, including ongoing geopolitical tensions involving the United States and Iran, uncertainty surrounding diplomatic negotiations, and persistent inflation concerns affecting global markets.
Bitcoin and Ethereum Remain Under Pressure
Bitcoin briefly fell to around $61,300 on Thursday, marking its lowest level in four months. While the asset has recovered slightly, it remains near the lower boundary of its recent trading range, where a critical support zone is now being tested.
Ethereum has faced even greater pressure. The second largest cryptocurrency recently dropped to a 14 month low near $1,730 and continues to trade around those levels.
With sentiment remaining fragile and markets heading into the weekend on a negative note, traders are watching closely to see whether key support levels hold or if the latest wave of selling extends further in the days ahead.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
