Massive $40,000 Bitcoin Put Looms as $2.5B Options Expire

Nearly $2.5 billion in Bitcoin and Ethereum options expire today, setting up a potentially volatile end to the month as traders balance upside bets with deep downside insurance. On the surface positioning looks constructive, but one striking anomaly stands out: a large cluster of Bitcoin puts at the $40,000 strike.

Bitcoin trades around $67,271 with max pain at $70,000. Open interest shows 19,412 call contracts and 11,044 put contracts, a put-to-call ratio of 0.57 and roughly $2.05 billion in notional volume tied to the expiry. Ethereum mirrors the tilt in a more balanced way, trading near $1,948 with max pain at $2,025; calls outnumber puts 124,109 to 90,017 for a put-to-call ratio of 0.73 and about $417 million in notional value.

The $40,000 Bitcoin put is now the second-largest strike by open interest, representing roughly $490 million in notional value.

bitcoin, ethereum, options expiry, 40000 strike, bitcoin put, open interest, put-to-call, notional value, max pain, bitcoin price