$1.6 Billion in Bitcoin & Ethereum Options Expires Today: Is $62K the Battleground?

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This week, Bitcoin is seeing a critical options expiry, where traders face an intense showdown between calls and put.  However,  the crypto market faces a significant event as $1.61 billion worth of Bitcoin and Ethereum options contracts are set to expire

Meanwhile, Data from Deribit reveals that 18,271 Bitcoin options contracts are expiring today. Although, the put-to-call ratio is 0.90, with a maximum pain point set at $62,000. Out of the total, $1.10 billion are Bitcoin options, while $510.08 million are for Ethereum. 

For Ethereum, 212,175 contracts are due for expiry, featuring a put-to-call ratio of 0.40 and a maximum pain point of $2,450. Perhaps, the number of contracts expiring today has notably increased compared to last week, signaling heightened market activity.

Max Pain Point Theory 

However, there’s a key “max pain” point in play at $62,000—a price that’s around $1,500 higher than Bitcoin’s current level. This “max pain” point is the price where most options are set to expire at a loss, potentially creating turbulence as traders adjust their positions. 

Similarly, Ethereum is trading at $2,407, below its maximum pain price.

Expiring Options Show $964M Bet on a Bull Run

Despite the bearish sentiment following Bitcoin’s drop below $60,000, the expiring options suggest a generally optimistic outlook.

Open interest (OI), which measures the total value or number of contracts still open, is also a key focus. A significant $790 million remains set at the $70,000 strike price, while the $80,000 level has seen OI slip to $723 million. 

Even at the ambitious $100k mark, $964 million in contracts are still open, highlighting lingering optimism for a big move upward in Bitcoin’s value.