Bitcoin & Ethereum Face $14.21B Options Expiry – Market Impact Explained

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Today, over $14.21 billion worth of Bitcoin (BTC) and Ethereum (ETH) options are set to expire, an event that could shake up short-term price trends. Traders are closely watching how this massive expiry will impact market movement.

Bitcoin options expiring today have a total value of $12.075 billion, with a put-to-call ratio of 0.49, meaning more traders are betting on BTC going up rather than down. The “maximum pain” point—where most traders would lose money—is $85,000. Bitcoin is currently trading at around $85,960, so there’s a chance prices could dip slightly to match this level.

This quarterly expiry was significant, making up over 40% of the total open interest. BTC dominated with nearly 80% of the volume, while ETH accounted for 20%. For Ethereum, $2.135 billion in options are expiring, with a put-to-call ratio of 0.39 and a maximum pain level at $2,400. Unlike Bitcoin, Ethereum’s volatility curve is flatter, suggesting that while traders expect movement, there’s no clear directional bias.

Other cryptos, like Solana, had only a small share. Despite concerns about Ethereum, its market structure remains stable. However, the first quarter ended weaker than expected, with volatility pushing prices toward the lower range.