Nearly $5 Billion in Bitcoin, Ethereum Options Set to Expire Ahead of Jackson Hole Speech

As markets brace for the Federal Reserve’s (Fed) annual Jackson Hole gathering, nearly $5 billion in Bitcoin and Ethereum options expire today.

This sets the stage for potential volatility in the Bitcoin (BTC) and Ethereum (ETH) markets, with traders weighing macro signals from the Fed against technical pressures from expiring contracts.

Bitcoin and Ethereum Options Worth $4.7 Billion At Stake

Data from Deribit shows that Bitcoin options open interest currently stands at 33,855 contracts, representing a notional value of $3.82 billion.

The put-to-call ratio (PCR) sits at 1.30, suggesting a tilt toward downside hedging as traders seek protection.

The max pain point, which is the strike price at which option holders experience the most collective losses, is at $118,000.

Bitcoin Expiring Options. Source: Deribit

This is well above Bitcoin’s spot price of $113,019 at the time of writing.

Meanwhile, analysts at Deribit indicate that Bitcoin expiries remain put-heavy, reflecting persistent skepticism in the near term.