$5B in Bitcoin and Ethereum Options Expire Today

Around $5 billion worth of Bitcoin and Ethereum options expire today, potentially testing market stability in a low-volatility environment.

According to Deribit data, Bitcoin leads with $4.09 billion in open interest, with a max pain level at $116,000 and a put-to-call ratio of 1.46, signaling slight bearish sentiment. Ethereum options worth $876 million are also expiring, with a max pain at $3,675 and a PCR of 1.14, showing a more neutral outlook. Analysts note that open interest clustering under spot prices for puts and above spot for calls may keep prices range-bound. However, Bitcoin trading below its EMA100 suggests short-term bearish momentum.

Large open interest near $112,000 could trigger defensive moves from put sellers, potentially pushing prices up. After today’s expiry, a break of key technical levels could quickly reignite volatility, especially if macro catalysts or liquidity shifts emerge.