At a Glance
- Bitcoin and Ethereum options contracts expire on Jan. 23.
- Combined notional value of expiring contracts is around $2.1 billion.
- Spot markets fell, wiping out gains and pushing Bitcoin below $90,000.
- 1% drop in total market capitalization signals wider weakness.
Bitcoin and Ethereum options contracts are set to expire this Friday, and spot markets have taken a hit this week. The combined notional value of the expiring contracts is roughly $2.1 billion, while Bitcoin has slipped below the $90,000 threshold and the overall market cap fell 1%.
Bitcoin Options Expiry
Around 21,700 Bitcoin options contracts will expire on Friday, Jan. 23, with a notional value of roughly $1.8 billion. The put/call ratio for this batch is 0.75, indicating more expiring calls than puts. Max pain is reported at $92,000, which sits above current spot prices, so many positions are likely to be out of the money at expiry.
Key Figures
- Contracts: 21,700
- Notional value: $1.8 billion
- Put/call ratio: 0.75
- Max pain: $92,000
- Open interest at $100,000 strike: $2 billion on Deribit
- Open interest at $85,000 and $90,000 strikes: $1.1 billion
- Total BTC options OI across exchanges: $36 billion
Deribit noted that “Expiry positioning is tightly clustered around key strikes, keeping spot sensitive into the cut,” and added, “Geopolitics and trade policy uncertainty remain the macro backdrop, supporting hedging demand and keeping volume reactive.”
Ethereum Options Expiry
In addition to Bitcoin, about 118,000 Ethereum contracts are expiring with a notional value of $346 million. The put/call ratio stands at 0.86, and max pain is $3,250. Total ETH options open interest across exchanges is around $8 billion.
| Metric | Value |
|---|---|
| Contracts | 118,000 |
| Notional value | $346 million |
| Put/call ratio | 0.86 |
| Max pain | $3,250 |
| Total OI | $8 billion |
Spot Market Outlook
The combined market capitalization dropped 1% on the day, erasing all gains made earlier in the year. Bitcoin fell to an intraday low of $88,560 before climbing back to $89,500, but it has not yet breached the $90,000 mark. Ether slid below $3,000, currently trading at $2,950, and has not reclaimed the psychological level in the past 12 hours.
Altcoins were largely in the red, shedding an additional 2% to 3% on the day as fear and uncertainty persisted across the market.
Takeaways
- A large volume of Bitcoin and Ethereum options contracts are set to expire, with a combined notional value of $2.1 billion.
- The put/call ratios suggest a bias toward calls for Bitcoin and a slightly higher bias for Ethereum.
- Spot prices for both major cryptocurrencies are under pressure, with Bitcoin below $90,000 and Ether under $3,000.
- Market sentiment remains cautious, reflected in the 1% decline in total market capitalization and the continued sell-off in altcoins.
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