Potential Impact of $5.3B Crypto Options Expiry on Markets
The impending expiry of Bitcoin and Ethereum options may not significantly affect market movement despite the large notional value.
Another Friday brings the expiration of numerous Bitcoin and Ether options contracts while spot markets stabilize.
Approximately 39,000 Bitcoin options contracts with a total notional value of $4.3 billion are set to expire today. While this is slightly larger than previous weeks, the anticipated effect on spot markets appears minimal, as they have been trending sideways recently.
Currently, the US government remains under a partial shutdown, affecting the dollar negatively; however, the crypto markets seem to remain unaffected by these developments.
Bitcoin Options Expiry
This week’s Bitcoin options feature a put/call ratio of 1.1, indicating marginally more short contracts than long ones as buyers regain confidence. The max pain point is estimated around $117,000, as stated by Coinglass. The open interest (OI) on Bitcoin options manifests the highest activity at $140,000, exhibiting an OI value of $2.4 billion at this strike price on Deribit.
Additionally, over $2 billion in OI exists at strike prices of $120k, $125k, and $130k, while short sellers are focusing on a popular strike point of $110,000 with $1.3 billion in OI. The total BTC options OI across exchanges is around $60 billion, which is nearing peak figures again, according to Coinglass.
馃毃 Options Expiry Alert 馃毃 More than $5.3B in crypto options are set to expire today. BTC: $4.3B notional | Put/Call: 1.12 | Max Pain: $117K
ETH: $0.94B notional | Put/Call: 0.9 | Max Pain: $4,400October 9th, 2025 - Deribit (@DeribitOfficial)
In total, around 217,000 Ethereum contracts are expiring today, with a notional value of $940 million and a maximum pain point of $4,400. This causes the notional value of today’s crypto options expiry to be around $5.3 billion overall.
Crypto Market Outlook
Amidst the current state, cryptocurrency valuations have held stable over the last day, with the total market capitalization around $4.23 trillion. Bitcoin has managed to hit a daily high of $123,500 but has retraced to approximately $121,000, down 4% from its all-time peak. Ether prices briefly dipped below $4,300 but rebounded to about $4,350 during writing, while most altcoins have seen declines this morning.
