$2.6 Billion of Bitcoin and Ethereum Options Expire as Volatility Hits 100%
$2.6 billion in Bitcoin and Ethereum options are set to expire, with roughly $2.2 billion tied to Bitcoin contracts and $419 million to Ethereum. The settling of these positions could reshape short-term price dynamics as traders unwind hedges and reposition. Bitcoin is trading near $64,686, well below a max pain level of $80,000.
Total open interest for the expiring Bitcoin options stands at 33,984 contracts—21,396 calls and 12,588 puts—producing a put-to-call ratio of 0.59. Ethereum trades around $1,905, under its $2,400 max pain level, with total open interest of 219,034 contracts: 113,427 calls and 105,607 puts, and a put-to-call ratio of 0.93.
Derivatives markets are showing elevated volatility and defensive positioning. Bitcoin’s current-month implied volatility has surged to 100%, main contracts’ IV has breached 50% after climbing 15% over two weeks, and skew sits at a two-year low.