At a Glance
- $2.2 billion in crypto options expire today on Deribit
- Bitcoin max pain at $90,000 with 20,600 contracts worth $1.9 billion
- Ethereum sees 123,000 contracts worth $384 million expiring
- Why it matters: The expiry comes as crypto markets pull back from recent seven-week highs, potentially influencing short-term price action
Crypto markets are retreating from recent highs as $2.2 billion in options contracts expire today, marking a significant derivatives event in a week that saw total market cap hit $3.3 trillion mid-week before pulling back.
Bitcoin Options Breakdown
Bitcoin dominates today’s expiry with 20,600 contracts representing $1.9 billion in notional value. The put/call ratio sits at 1.0, showing perfect balance between long and short positions.
Key Bitcoin options data:
- Max pain: $90,000
- Largest OI at $100,000 strike: $1.8 billion
- Significant bearish positions at $75,000-$85,000 strikes
- Total BTC options OI: $32.7 billion
Deribit noted earlier this week:
> “BTC options traders kick off 2026 leaning bullish. The January $100,000 call option is the most popular bet, with a notional open interest of $1.45 billion.”
Ethereum Joins the Action
Ethereum adds another 123,000 contracts worth $384 million to today’s expiry event.
Ethereum options details:
- Put/call ratio: 0.89
- Max pain: $3,100
- Total ETH options OI: $7.9 billion
- Call positioning concentrated above $3,000
Deribit commented on ETH positioning:
> “ETH call positioning is concentrated above $3k. If spot holds above max pain, post-expiry positioning may leave dealers more reactive to upside continuation.”
Market Impact
The expiry comes as crypto markets retreat from Wednesday’s peak. Total market cap currently sits at $3.19 trillion, down from the mid-week high.
Current price action:
- Bitcoin: Trading around $91,000 after briefly dipping below $89,500
- Ether: Holding above $3,000, reclaiming $3,100 resistance
- Altcoins: Mostly in the red, with XRP, Dogecoin, and Zcash seeing heavier losses
Key Takeaways
- $2.2 billion total crypto options expire today
- Bitcoin’s $90,000 max pain level could influence short-term price action
- Ethereum’s $3,100 max pain sits near current spot prices
- Derivatives activity remains relatively slow compared to previous weeks
With Bitcoin’s max pain at $90,000 and current prices hovering around $91,000, many options holders stand to profit from today’s expiry, though the broader market retreat suggests caution remains the watchword for crypto traders.
