Nearly $3 billion of Bitcoin and Ethereum options expire as Bitcoin tests breakout

Beincrypto reports nearly $3 billion in Bitcoin and Ethereum options are set to expire on January 16, putting derivatives markets in focus as crypto prices test the strength of a recent rally. Deribit data show roughly $2.84 billion in notional options expiring, with Bitcoin accounting for about $2.4 billion and Ethereum about $437 million.

Bitcoin is trading near $95,310, notably above its $92,000 max pain level; call open interest is 11,170 contracts versus 14,050 puts, a put-to-call ratio of 1.26, a skew the report says signals continued downside hedging even after the breakout. The piece notes that trading well above max pain raises the probability of heightened volatility as positions are closed, rolled, or hedged, and that a daily close above $94,304 would support further upside toward $100,000 while a break could return BTC to its multi-month range.

Ethereum remains range-bound around $3,295, only marginally above a $3,200 max pain level, with a near-neutral options split of 65,527 calls to 67,207 puts (put-to-call 1.03) as it struggles below the $3,400 resistance.

Key Topics

Crypto, Bitcoin, Ethereum, Deribit, Options Expiry, Max Pain