$2.2B Crypto Options Expiry Hits Today—Will Dormant Volatility Awaken?

Crypto traders brace for impact as $2.2 billion in options contracts expire—while markets snooze at historically low volatility levels.

The calm before the storm?

With Bitcoin and Ethereum stuck in a tight range, today's expiry could force whales to reposition or risk getting liquidated when the dam finally breaks.

Traders play chicken with volatility

Market makers have suppressed price swings for weeks, pocketing juicy premiums. But pinned strike prices near current spot levels suggest explosive moves post-expiry—just in time for Wall Street's annual 'new year, new me' delusion.

Watch derivatives desks scramble when the casino's house edge disappears overnight. After all, what's finance without a little manufactured drama?

TLDR

• Over 21,000 Bitcoin options contracts valued at approximately $1.85 billion are expiring today.
• Around 130,000 Ethereum options contracts worth about $396 million are also set to expire today.
• The Bitcoin options have a put-to-call ratio of 0.48, showing more long positions than short ones.
• Ethereum options carry a put-to-call ratio of 0.6,2 reflecting a more balanced market sentiment.
• The max pain price for Bitcoin options is near $88,00,0 which is close to the current spot price.

Crypto markets face a fresh expiry event today as over 21,000 Bitcoin and 130,000 ethereum options contracts reach maturity, combining for a notional value of around $2.2 billion, with traders watching price levels and strike concentrations closely, while liquidity stays thin following the New Year holiday.

Bitcoin Options Expiry

A total of 21,000 Bitcoin options contracts, valued near $1.85 billion, will expire today on multiple derivatives platforms. Market activity has slowed due to the holiday period, with low volume and minimal volatility across major spot markets. As a result, this expiry event is much smaller than usual.

The put/call ratio for bitcoin options stands at 0.48, reflecting more calls than puts in circulation this week. According to Coinglass, the max pain price is around $88,000, close to Bitcoin’s recent trading levels. This indicates that many of these contracts are likely to expire in the money.

Open interest remains concentrated at the $100,000 strike level, where $1.3 billion is currently positioned on Deribit. Bearish positions also show strength, with about $1.1 billion in open interest between the $75,000 and $80,000 strikes. These levels are critical as they represent areas of growing market pressure.

Total open interest across all exchanges for BTC options has dropped to $28 billion after last week’s major expiry. Trading volumes have stayed low during the holiday week, and sentiment is still weak across the market. Greeks Live stated this week,

“Overall, market liquidity remains subdued, and sentiment is pessimistic.”

Despite the slow market, Bitcoin has posted a 1.3% gain over the last 24 hours, touching nearly $89,000. However, this price range continues to act as resistance, limiting upward movement for now. Trading in Asian hours sparked this modest rally early Friday.

Ethereum Options Expiry

Roughly 130,000 Ethereum options contracts expire today, with a combined value estimated at $396 million. These contracts carry a put/call ratio of 0.62, suggesting a more balanced positioning between long and short holders. The max pain price is around $2,950, as per current data.

Total Ethereum options open interest has declined to $6.7 billion, down from levels seen in August last year. Expiring contracts may trigger some volatility, but subdued trading conditions could limit reaction. The expiry arrives without major shifts in the broader market structure.

Ethereum regained the $3,000 level early Friday, following a 1.7% price increase. This MOVE occurred during Asian trading, where most altcoins showed slight upward momentum. Gains extended to Dogecoin, Cardano, Chainlink, and Avalanche.

Crypto analyst ‘Credibull Crypto’ noted,

“We are simply chopping around at these levels with zero breaks in HTF market structure.”

Support at $74,000 remains intact, and some analysts believe a bottom may be forming around current ranges. Another analyst, ‘Daan crypto Trades’, highlighted the new monthly candle, warning of potential early-week fakeouts.

$BTC A new monthly & yearly candle has begun. You can assume that this candle will at least extend a bit further in both directions throughout the month.

Generally that first week especially does tend to give some fakeouts.

All in all, still in the ~$84K-$94K range for the time… pic.twitter.com/76Db4CJL5k

— Daan Crypto Trades (@DaanCrypto) January 1, 2026

Both Bitcoin and Ethereum prices remain NEAR expiry max pain zones, keeping many contracts in play. The lower volume may limit large swings, but price reactions could still emerge if resistance levels break. For now, crypto markets begin the year cautiously, with attention fixed on today’s expiry numbers.