Bitcoin, Ethereum Options Worth $3.1B Expiring Before US Jobs Data, Volatility Ahead?

More than $3.1 billion in Bitcoin and Ethereum options are expiring today ahead of the much-awaited release of the US jobs data on Friday. The broader crypto market has come under strong selling pressure with altcoins sliding a steeper slope as Bitcoin price dips under $97,000. Chances are that we could be seeing another volatile weekend moving ahead.

26,000 Bitcoin Options Contracts Expiring Today

As per data from derivatives trading platform Deribit, a total of 26,000 Bitcoin option contracts will expire today with a notional value of $2.5 billion. Also, the put/call ratio for this is 0.58, indicating a significantly higher number of call (long) contracts compared to put (short) contracts. The max pain price—the level at which the majority of losses would occur—is $99,500.

Additionally, the Deribit data shows that the Bitcoin options open interest (OI), which represents the value of outstanding BTC options yet to expire, is concentrated at the $120,000 strike price, amounting to $1.7 billion. This shows that market analysts continue to expect bullish momentum, despite the current crypto market selloff.

204,376 Ethereum Options Contracts Set to Expire Today

A total of 204,376 Ethereum (ETH) options contracts will be expiring today with a combined notional value of $557.04 million. As per the Deribit data, the put-to-call ratio of 0.46, signals a dominance of call (long) contracts over puts (shorts). The max pain point—the price level where the greatest losses would be realized—is set at $2,950. Thus, the expiry could potentially influence ETH’s price action and volatility in the short term.

As of press time, the Ethereum price is trading at 5.30% down, slipping under the crucial support of $2,700. This happens amid a strong altcoin market correction as the Ethereum futures open interest tanks 7.3% to $32.1 billion while the 24-hour liquidations soar to $41.79 million with $32.8 million in long liquidations.

US Jobs Data Release to Decide Crypto Market Action

Bitcoin, Ethereum, and other altcoins are bracing for volatility ahead of the US Job data scheduled later today. The financial markets are still processing the lingering effects of three months of Trump Trade, with deliveries comprising 10% of total positions this week. Call options have seen a significant decline in trading volume, while Block puts have grown as a proportion of overall market activity, noted Greeks.Live.

As the U.S. prepares to release January’s Unemployment and Non-Farm Payrolls data tonight, the influence of macroeconomic factors on U.S. equities remains a focal point. Analysts note that risk in major speculative markets has become increasingly correlated, amplifying the potential impact of these key economic indicators.

The latest data for U.S. initial jobless claims reveals a slight uptick, with actual claims reported at 219,000, compared to the estimated 213,000 and the prior week’s 208,000.

Market analyst Benjamin Cowen commented on the figures, emphasizing that initial claims remain within manageable levels. “Initial claims are not that concerning until they start printing 300k+,” Cowen stated.