A significant option expiration occurred today in the cryptocurrency markets, with approximately $1.97 billion worth of Bitcoin ($BTC) and Ethereum ($ETH) the options would expire and enter settlement.
Markets are now focused on the expiration date of major quarterly contracts next week.
According to data from Greeks.live, 23,000 $BTC Options reached expiration today. The total face value of these options was calculated at $1.6 billion, while the put/call ratio was 0.88. The maximum pain level was $70,000.
On the Ethereum side, 176,000 options have expired. The total value of $ETH Options stood at $370 million, while the put/call ratio was recorded at 1.04. The maximum pain point was determined to be $2,150.
Greeks.live analyst Adam noted that the market’s recent uptrend has ended, with Bitcoin briefly falling below $70,000. According to the analyst, the level of $75,000, which was strong resistance last week, could not be breached. It was reported that about 5% of month-end options positions were concentrated at this level and that failed breakout attempts had pushed the price back down to around $70,000.
Ahead of quarterly options expiration next Friday, the $75,000 level stands out as the region with the highest concentration of open positions. In a bearish scenario, the $65,000, $62,000, and $60,000 levels are important support zones.
In the options market, no significant changes were observed in terms of volatility. The implied volatility (IV) of Bitcoin options remained at 50%, while that of Ethereum options was measured at 70%. However, the decrease in realized volatility (RV) led to an increase in the volatility risk premium (VRP).
The data also reveals that overall market appetite remains weak. Only 5% of total open positions reached expiration, marking historic lows, while Bitcoin trading volume remained quite limited despite price fluctuations. A general decline in asymmetric volumes alongside price declines indicates that the market remains fragile and bullish expectations remain low.
*This does not constitute investment advice.
