$3.33B in Bitcoin and Ethereum Options Expires Today

Amid the crypto market’s recovery from the slump, a fear of the crash is building as the $3.33B worth of Bitcoin and Ethereum options have expired today. Although crypto options expiry is nothing major, historical records reveal the formation of additional volatility around these events.  Interestingly, the crypto options expire once they become worthless (if not used), but once they expire, the market witnesses slight to significant volatility depending on the investors’ sentiments. Let’s discuss.

Bitcoin and Ethereum Options Expired Today

According to the Deribit exchange official post, $3.33B in Bitcoin (BTC) and Ethereum (ETH) options were set to expire on the platform and have officially expired at the time of publishing. Out of this, the $2.76B notional value was for the BTC options, with the main pain point being $100k, and a Put/ Call Ratio of 1.02, which is neutral to slightly bullish for the token.

In case of ETH options, $569.42M notional value was lost at the Max Pain point of $2.3k. It had a Put/ Call Ratio of 1.36, presenting bearish sentiment for the token.

As the Bitcoin price was above the max pain point with a neutral Put/Call Ratio, the investors have witnessed minimal volatility impact. Interestingly, the token is up 2% in the last 24 hours despite the options expiry, and an uptrend could form in the optimistic scenario.

The next primary resistance for the token is $104.5k. If it overcomes this, the BTC could hit $108k or higher.

However, in the case of Ethereum, the price was also above the max pain point, but the Put/ Call ratio indicates a bearish direction. As a result, it could witness significant price swings, but it is stable for now, trading at $2.6k after a 4% surge in 24 hours.

Crypto Market Remains Stable With Bitcoin and Ethereum Options Expiry

The BTC and ETH crypto options expiry is due to lower-than-expected US CPI data, which could push the Fed for rate cuts. Overall, this could become fruitful for the crypto market, as the digital asset prices could increase. So many investors are bullish on the expiration event.

Although the broader approach is bullish, the traders are also using defensive strategies. Many have sold call options and are refraining from any bullish bets. The investors’ sentiment stats have dropped on the greed meter amid anticipated price swings.

May 16 Options Data
27,000 BTC options expired with a Put Call Ratio of 1.03, a Maxpain point of $100,000 and a notional value of $2.76 billion.
220,000 ETH options expired with a Put Call Ratio of 1.36, a Maxpain point of $2,300 and a notional value of $570 million.
This week’s… pic.twitter.com/J7221b0EAB

— Greeks.live (@GreeksLive) May 16, 2025

For now, the crypto market cap is sitting at $3.33 trillion, and the trading volume is at $131.28 billion. Even on the crypto heat map, most cryptos are green, indicating minimal impact after the crypto options’ expiration, but things could change in the future.

Frequently Asked Questions (FAQs)

1. Why does the expiration of the Bitcoin and Ethereum options cause crypto market volatility?

Crypto options expiry could cause volatility because the traders adjust their positions, impacting the price of underlying crypto. Since BTC and ETH are top cryptos, there performance can impact the rest market

2. What are the max pain points in today’s options expiry?

The max pain point is where the most contracts would expire. For Bitcoin, it is $100k and for Ethereum it is $2.3k.

3. Will Bitcoin and Ethereum prices crash?

The impact of these options' expiry depends on the market reaction. Although Bitcoin has a neutral to slightly bullish outlook, Ethereum shows bearish sentiments, so its price may fluctuate.