A massive wave of cryptocurrency options contracts worth nearly $4.3 billion is set to expire today, covering both Bitcoin (BTC) and Ethereum (ETH). Despite the scale, market reactions remain surprisingly calm.
Key Highlights:
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Bitcoin dominates today’s expiry with about $3.42 billion in notional value, spread across roughly 29,651 contracts. The put-to-call ratio stands at 1.31, suggesting more downside protection trades than bullish bets.
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Ethereum options account for around $858 million, with puts and calls nearly balanced at a ratio of 1.03.
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Both assets are currently trading above their “max pain” levels — approximately $113,000 for Bitcoin and $4,400 for Ethereum — meaning the contracts are less likely to exert significant downward pressure.
Market Implications:
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Despite the size of the expiry, volatility has been muted, reflecting that traders may have already priced in expectations for a potential U.S. Federal Reserve rate cut.
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Bitcoin options show a slight bullish bias, as call holders stand to benefit if BTC continues trading above key strike levels near $113,000.
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Ethereum’s positioning looks more neutral, with risks spread evenly between bullish and bearish contracts.
Conclusion:
Today’s $4.3 billion options expiry is significant, but the cryptocurrency market has so far responded with restraint. While Bitcoin traders are hedging against possible downside, the broader outlook remains steady. Macroeconomic factors — particularly U.S. interest rate decisions — are expected to play a key role in shaping price movements in the coming weeks.
