The final week of the month has arrived, bringing with it a large batch of Bitcoin and Ether options contracts set to expire. Around 91,000 Bitcoin options will expire on Friday, January 30, with a notional value of approximately $8.3 billion, making it the largest expiry event of the month.
Crypto markets have already lost about $215 billion since the start of the week as the Federal Reserve held interest rates steady between 3.5 and 3.75 percent, well above its long term target. Renewed geopolitical tensions in the Middle East have added to market uncertainty.
The expiring Bitcoin options carry a put to call ratio of 0.54, indicating more bullish positions than bearish ones. Maximum pain is near $90,000, which sits above current prices, meaning many contracts may expire worthless. Open interest remains heaviest at the $100,000 strike, with roughly $1.9 billion in positions, while over $1 billion in open interest is clustered at $75,000, $80,000, and $85,000 as bearish bets increase. Total Bitcoin options open interest across exchanges has risen to $58 billion.
Alongside Bitcoin, about 440,000 Ethereum options are also expiring, representing $1.3 billion in notional value. Their maximum pain level is $3,100, with a put to call ratio of 0.74. Total Ethereum options open interest stands near $35 billion, bringing the combined crypto options expiry value to roughly $9.6 billion.
Spot markets reacted sharply during Asian trading hours, with total crypto market capitalization falling below $3 trillion for the first time since mid December and reaching its lowest level since April. Bitcoin dropped 8 percent to around $81,300, while Ether slid 9 percent to near $2,700, and altcoins suffered even steeper losses.
