Crypto Market Crash: $1B in Bitcoin, ETH, SOL & Top Altcoins Liquidated Ahead of Options Expiry

Crypto market crash sees no signs of stopping, with $1.35 trillion in market cap wiped out since October. Over the past 24 hours, another $1 billion in Bitcoin, Ethereum, Solana, XRP, and other top altcoins were liquidated. BTC price crashes 8% to $85K and Ethereum tumbles 9% to sub-$2,800 levels. Will the crypto market face more liquidations as a result of Friday’s crypto options expiry?

Crypto Market Crash Amid Bitcoin, ETH, SOL, XRP Liquidations

The crypto market saw another $1 billion in liquidations across Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL) and other top altcoins, as per Coinglass data. Over 252K traders are liquidated, with the largest single liquidation order of BTCUSDT valued at $30.91 million occurring on HTX.

BTC price crashes to $85K as investors liquidated $500 million in Bitcoin holdings over the last 24 hours. Notably, over $460 million in long positions were liquidated, causing the price to slump to a 24-hour low of $85,300.

In the last 24 hours, almost $850 million long and $150 million short positions were liquidated. Notably, $450 million in crypto liquidations happened within just 2 hours after the strong US jobs report, with markets trimming bets on a Fed rate cut in December.

BTC, ETH, SOL, XRP, ZEC, HYPE, DOGE, TON, ASTER, and BNB are among the most liquidated crypto assets in today’s crypto market crash. SOL price tumbled 8% to an intraday low of $130.52 and XRP price tanked more than 7% to $1.96.

More Selloffs Due to Bitcoin and Ethereum Options Expiry?

The $4.2 billion crypto options expiry today will likely further exacerbate the crypto market crash. More than 39K BTC options worth $3.4 billion in notional value will expire today on Deribit. The put-call ratio is 0.52 and the max pain price is at $98K.

However, put volume has significantly exceeded call volume over the last 24 hours, with a put/call ratio of 1.36. This signals that traders are hedging to offset losses.

Deribit claims positioning is not signaling a major risk-off move, but traders are still cautious after the sharp market meltdown this week.

Meanwhile, over 185K ETH options with a notional value of almost $525 million are set to expire today, with a put-call ratio of 0.72. The put volume has doubled in the last 24 hours, indicating traders are leaning bearish. The put-call ratio is 1.01, confirming a bearish sentiment.

Also, the max pain point is at $3,200, way above the current ETH price of 2,800. The ETH options data shows persistent call demand from the mid-range upward. “Traders are keeping exposure open into expiry, which suggests confidence has not fully faded despite the recent volatility, Deribit added.

10x Research said, “While most investors are still focused on price charts, the real story is unfolding through ETF positioning, failed crypto IPOs, and a subtle shift in Wall Street incentives.” The firm claimed it is still too early to buy the dip amid forced unwinding of positions by ETF holders.