$27B Bitcoin, Ethereum Options Expiry Today: Brace for Market Impact
Today's the day—a $27 billion wall of Bitcoin and Ethereum options hits expiration. The crypto market holds its breath.
Max Pain or Max Gain?
Analysts are glued to the 'max pain' price points—those levels where the most options contracts expire worthless. For Bitcoin, that zone sits uncomfortably close to current trading. For Ethereum, it's a different story—the target's a moving target, reflecting the asset's wilder volatility. This isn't just theoretical; major dealers will be hedging and rebalancing their books, creating waves of buying or selling pressure that ripple through spot markets.
The Gamma Squeeze Playbook
Watch for the gamma effect. As prices approach key strike levels, market makers who sold these options are forced to buy or sell the underlying asset to stay neutral. It's a self-fulfilling prophecy that can accelerate moves—both up and down. A sudden spike toward a concentrated call wall could trigger a short squeeze. A dip toward a put-heavy strike might snowball. This is the hidden leverage in the system, the kind that makes traditional finance guys clutch their pearls—right before they quietly copy the strategy.
Post-Expiry Reality Check
Once the dust settles, the market often finds a clearer direction. A massive expiry acts like a pressure release valve. If the bulk of bullish bets get wiped out, it can remove overhanging optimism and set the stage for a cooler, more technical move. Conversely, if bears get burned, the path of least resistance shifts north. The smart money isn't just watching the expiry; they're positioning for the week after. After all, in crypto, the only thing more predictable than volatility is Wall Street's habit of repackaging our risk as their innovation.
Around $27 billion worth of Bitcoin, ethereum options expired today on Deribit, one of the world’s largest crypto options exchanges. Bitcoin is trading near $88,000, while Ethereum is hovering close to $2,950, as traders brace for possible volatility.
With such a large amount of contracts settling at once, the expiry could have a massive impact on the crypto market
Bitcoin Faces $23.6 Billion Option Expiry
Bitcoin accounts for the biggest share of today’s expiry, with over $23.6 billion in BTC options rolling off. Data from Deribit shows 268,000 option contracts settled at the same time, clearing a major amount of risk from the market in a single session.
Despite the size of the expiry, trader positioning still leans positive. The put-to-call ratio stands at 0.38, which means more traders were betting on higher prices than lower ones.
The “max pain” level, where most option holders WOULD see losses, was near $96,000. This level often acts like a price magnet around expiry, even if briefly.
Bitcoin Eyeing $100K level
Over the past few weeks, Bitcoin has remained stuck in a tight range, repeatedly testing both sides. Crypto analyst Michael van de Poppe noted that sellers have failed to push BTC below $86.5K, showing strong buyer support.
However, every MOVE above $90K has been rejected, highlighting heavy selling pressure at that level.
Analysts say $90,000 is the key barrier. A clear breakout above it, backed by strong volume, could restore bullish momentum and open the path toward the $100,000 mark.
Ethereum Traders Remain Cautious After Options Expiry
Ethereum is also under the spotlight, with nearly $4 billion in ETH options expiring. Although ETH has seen small price gains, traders remain cautious rather than confident. The max pain level sits NEAR $3,100, keeping pressure on the price.
Ethereum has once again failed to hold above the key $3,000 level, which is worrying traders. Crypto analyst Ted noted that unless ETH clearly moves back above $3,000, the risk of another drop stays high.
If the price falls below $2,800, selling pressure could increase quickly. Below that, the next strong support lies around $2,600, $2,500, where buyers stepped in during earlier sell-offs.
XRP and Solana Show Mixed Signals
XRP options show continued pressure, with traders closely watching the $1.80 support level. A break below this could lead to further downside.
Solana shows a more balanced picture. Options data remains neutral, and SOL has already seen a small recovery around $123.
As 2026 approaches, this option’s expiry could act as an important turning point for the token.
