Yeliz Akmaca 
The cryptocurrency market is at a critical turning point today. Approximately $2.3 billion worth of Bitcoin (BTC) and Ethereum (ETH) options are expiring, marking the period when positions are recalculated and risks are reassessed.
Investors are cautiously optimistic, but technical risks and macroeconomic uncertainties still weigh on the market.
Bitcoin Max Pain Levels
Bitcoin accounts for the lion’s share of today’s expiry, with BTC options totaling around $1.94 billion.
Currently, Bitcoin is trading below the $92,000 “max pain” level at roughly $89,750. There are 21,657 open contracts: 11,944 calls and 9,713 puts. The put-call ratio of 0.81 indicates mild bullish sentiment while maintaining significant downside hedging.
Ethereum Position Pressure
Ethereum options total $347.7 million. ETH trades far below its $3,200 max pain level, at around $2,960.
The open interest consists of 117,513 contracts: 63,796 calls and 53,717 puts. The put-call ratio of 0.84 signals cautious optimism but continued downside protection.
Expiry Mechanics and Magnet Effect
According to Deribit analysts, price movements are currently shaped more by mechanical hedging flows than fundamental data.
Geopolitical tensions and trade uncertainties push investors toward hedging rather than directional bets. This keeps implied volatility (IV) elevated.
As expiry approaches, Bitcoin’s $92,000 and Ethereum’s $3,200 levels act as price magnets. Prices approaching these levels may increase volatility; deviations could trigger rapid repositioning.
Post-Expiry Scenarios
Once contracts expire, accumulated gamma risk is released, and the market may experience sudden directional moves.
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If selling pressure eases: a weekend relief rally is possible.
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If macro risks persist: sharp downside moves may occur.
For BTC and ETH investors, today’s expiry is a critical market turning point.
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