According to Deribit data, Bitcoin’s maximum pain point was set at $117,000. At the time of writing, BTC traded at $118,995. The put-call ratio for expiring Bitcoin options stood at 0.90, indicating more call positions than puts — a bullish signal. The nominal value of Bitcoin options reached $4.78 billion, with 40,185 open contracts. 

On the Ethereum side, the maximum pain point was $4,000, with ETH trading at $4,629. The put-call ratio came in at 1.02, showing a slight tilt toward put positions. Ethereum options had a nominal value of $1.33 billion and 287,946 open contracts. 

Record-Breaking Options Volume, Diverging Market 

Last week, $5 billion worth of options expired. This week, the figure exceeded $6 billion. Data from Greeks.live shows that the expiry followed a macro-driven market correction. PPI inflation hit 3.7%, the highest since March 2022, while core CPI rose above 3%. Despite this, implied volatility in the options market remained largely unchanged. 

Deribit set a new daily record with $10.9 billion in trading volume, signaling sustained investor interest. Some analysts warned that Bitcoin could peak near $122,000 and Ethereum close to $4,700. Heavy open interest and record volumes increase the likelihood of prices moving toward maximum pain levels. 

Glassnode data revealed that when Bitcoin reached a new all-time high, the profitable BTC supply surged to 99%. This figure was around 95% before the July correction and has never dropped below the cumulative average of 92% plus one standard deviation. 

Over the weekend, price action will determine whether bullish momentum continues or profit-taking triggers a pullback. 

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