8.8 billion dollars worth of BTC and ETH options expiration

Today $8.8 Billion Worth of BTC and ETH Options Expire

Today marks the expiration of options for the first month of 2026, with a total of $8.8 billion worth of Bitcoin (BTC) and Ethereum (ETH) options expiring.

Distribution of Bitcoin and Ethereum Options

A significant portion of these operations is concentrated on Bitcoin options with a nominal value of $7.54 billion, while Ethereum options account for a $1.2 billion share. Bitcoin’s current trading level is $82,761, which remains below the maximum pain level of $90,000. Nevertheless, positioning is still maintaining an upward trend.

Structure of Options and Market Behaviors

Currently, the number of call options has reached 61,437 contracts, while there are 29,648 put options. This situation reduces the put/call ratio to 0.48. The total open interest in Bitcoin options stands at 91,085 contracts. However, investor behavior is becoming increasingly defensive.

Deribit analysts highlighted that while Bitcoin's price moves within the range limits, demand for downside protection has clearly increased as the expiration approaches. Analysts stated, "The demand for downside protection has increased, indicating that investors are behaving cautiously even though their positions are still in an upward trend."

Situation in Ethereum

Ethereum exhibits a similar but more balanced structure. ETH is trading at $2,751, below the maximum pain level of $3,000. The total open interest in Ethereum options has been recorded at 439,192 contracts. The open interest in call options is 257,721, while the open interest in put options is at 181,471. The put/call ratio of 0.70 offers a more balanced positioning, representing a cautious approach.

Volatility Expectations

At the macro level, volatility expectations in the markets are decreasing. Greeks.live analysts note that implied volatility continues to decline and is consolidating across the crypto markets. Additionally, the Federal Reserve's decision to keep interest rates unchanged and the absence of expected significant events are providing stability in the market. Bitcoin's price movements are also reflecting this situation.

Analysts state that Bitcoin has "pulled back into a consolidation range in the second half of the month" and that the $90,000 level is serving as a strong resistance. The expiration of options is thought to be a short-term catalyst for price movements.