Massive Options Expiry Could Shake Bitcoin and Ethereum Prices Today

A massive wave of Bitcoin and Ethereum options - worth more than $5 billion - is set to expire today, setting the stage for heightened volatility across the crypto market.

Traders are bracing for sharp price swings as both assets approach crucial support levels that could determine their next major move.
Data from Deribit shows that Bitcoin dominates the expiry event with roughly $4.7 billion in options contracts coming due. The so-called max pain point, where the most options expire worthless, sits near $118,000 – now seen as a key support zone. Traders appear evenly divided, with a heavy concentration of $110,000 put options and $120,000 calls, signaling a clear standoff between bullish optimism and bearish caution.

Ethereum’s setup looks somewhat stronger. Around $944 million in ETH options are expiring, with open interest nearing 217,000 contracts and a max pain level of $4,400. The put-to-call ratio of 0.90 suggests a more positive sentiment compared to Bitcoin’s 1.10, which leans toward downside hedging.

Historically, large expiries like this often precede periods of sharp volatility, as concentrated positions unwind and liquidity thins out.
Glassnode data shows Bitcoin remains above its short-term holder cost basis – a sign of ongoing bullish strength but also a warning that the rally could be overheating. Ethereum, on the other hand, continues to see increasing participation from traders, which could magnify upcoming market shifts.

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Both assets are hovering near their max pain zones: $118,000 for Bitcoin and $4,400 for Ethereum. If these levels hold, the market could stabilize and potentially rebound once the contracts expire. But a decisive break below them may trigger a quick surge in volatility, especially over the low-volume weekend.

In short, today’s expiry marks a pivotal moment for crypto markets: billions in open positions, traders split between conviction and caution, and the potential for major price turbulence in the hours ahead.