TLDR
About $4.07 billion of crypto options notional expired today (weekly OPEX), largely on Deribit, across Bitcoin and Ethereum per a market update.
- Bitcoin (BTC): roughly $3.4 billion notional expired; max pain near $91,000 %%CKPROTECTED0%%.
- Ethereum (ETH): about $668 million notional; max pain around $3,050 %%CKPROTECTED0%%.
- Expiry was at 8:00 UTC, and this weeks batch was smaller than last weeks roughly $15 billion event per a market update.
Deep Dive
1. BTC Breakdown
The weekly BTC expiry totaled about $3.4 billion in notional value. The put to call ratio was near balance and max pain clustered around $91,000, suggesting dealers hedging flows were centered near that strike per analysis.
Open interest concentrations sat near the $100,000 strike on Deribit, with significant open interest also around $80,000 and $85,000, indicating key zones where hedging and pinning effects may have been felt intraday per analysis.
2. ETH Breakdown
ETHs weekly expiry added roughly $668 million in notional. The max pain level sat around $3,050 and the put to call ratio was below 1, pointing to slightly more calls than puts heading into the roll and expiry per a market update.
Total ETH options open interest across venues remained elevated this week, reflecting sustained institutional participation despite recent volatility per analysis.
3. Timing and Context
Contracts expired at 8:00 UTC today, with combined BTC and ETH notional around $4.07 billion. The tranche was notably smaller than last weeks month end expiry near $15 billion, which helps contextualize todays impact potential per a market update.
Smaller expiries in XRP and Solana were noted alongside BTC and ETH, reinforcing that todays options overhang was concentrated in the two largest markets per a market brief.
Weekly OPEX often adds intraday chop near max pain as dealers rebalance. If spot holds above the BTC $91,000 and ETH $3,050 zones, post expiry drift can turn more orderly as hedges unwind.
Conclusion
Todays crypto options expiry removed about $4 billion in near term positioning, with flows centered around BTC $91,000 and ETH $3,050. Because this batch was smaller than last weeks, the volatility impulse was more contained, and price behavior from here should be driven more by fresh positioning and next weeks macro catalysts than by residual OPEX effects.
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