$5 Billion in Bitcoin and Ethereum Options Expire: What It Means for Crypto Traders Today

Over $5 billion in Bitcoin (BTC) and Ethereum (ETH) options are set to expire today, setting the stage for potential volatility across the crypto markets. Despite Bitcoin showing strength in the U.S. trading session, early movement during Friday’s European hours could be choppy as traders react to this high-stakes expiry event.

What’s Happening with the Options Expiry

According to Deribit, a leading crypto derivatives exchange, today marks the expiration of $5.03 billion worth of crypto options contracts—$4.3 billion in Bitcoin and $712 million in Ethereum. These numbers are significantly higher than last week’s totals, which came in at $3.6 billion combined.

For Bitcoin, 36,970 contracts are set to expire with a Put-to-Call ratio (PCR) of 1.06. The maximum pain level—the price at which the most options expire worthless—is $108,000. Ethereum’s side shows a similar trend: 239,926 contracts expiring, a PCR of 1.11, and a max pain point of $2,600.

A PCR above 1 suggests more puts (bets on a price drop) than calls (bets on a rise), typically pointing to bearish sentiment. However, in this case, the ratios hovering just above 1 reflect a balanced market. Traders appear split—some positioning for a pullback, others hedging against potential downside.

High-Leverage Bets Are Heating Up

One of the more striking developments is the surge in high-leverage trading. Analysts at Greeks.live flagged extreme risk-taking behavior, including discussions of 500x leveraged trades—moves that amplify both gains and losses dramatically.

“Some of these setups look suicidal,” noted Greeks.live, referring to traders opening new positions with aggressive risk strategies, sometimes based solely on news-driven momentum rather than technical analysis.

Why the Max Pain Level Matters

The max pain level is a crucial concept in options trading. It’s the strike price where the majority of contracts expire worthless, delivering the biggest losses to option holders. This often creates gravitational pressure on the price as expiry nears, though it doesn't guarantee a move all the way to that level.

As of Friday morning, Bitcoin was trading at $116,823, well above its $108,000 pain point. Ethereum stood at $2,970, comfortably higher than its $2,600 mark. These prices suggest current momentum is resisting a sharp pullback, but minor corrections around expiry time (8:00 UTC on Deribit) remain possible.

What to Expect Next

While today’s expiration could spark short-term price swings, the impact is typically brief. Markets tend to stabilize once traders adjust their positions. As the dust settles, this large-scale expiry may shape sentiment and strategy heading into the weekend—but likely won’t trigger major directional shifts on its own.