How much crypto options expired today?

TLDR

About $4.7$5.0 billion of Bitcoin (BTC) and Ethereum (ETH) options expired today at 08:00 (UTC) on Deribit, per a market update.

1. Size split: roughly $4.0B BTC and $0.73B ETH, with ~41,000 BTC and ~233,000 ETH contracts, per a report.
2. The total is slightly below last weeks $5.4B expiry, amid fragile market breadth (update).
3. Max pain levels sat near BTC $105,000 and ETH $3,500, which can shape intraday moves around expiry (update).

Deep Dive

1. Size And Split

The combined expiry was about $4.7$5.0 billion, concentrated in BTC (~$4.0B) and ETH (~$0.73B). Contract counts were ~41,000 for BTC and ~233,000 for ETH, indicating a heavier BTC notional despite larger ETH contract volume per a report.

• Coverage framed the total as nearly $5 billion, with the event at 08:00 (UTC) on Deribit in a market update.
• The ETH share remained notably smaller in notional terms despite high contract counts (the report above).

2. Context Versus Prior Expiries

Todays notional was modestly below last weeks ~$5.4B, with coverage noting thin liquidity and cautious positioning in majors in the update.

• The same update highlighted ongoing market fragility, which can amplify options-related moves near expiries (the notice above).

3. Max Pain And Positioning

Max pain levelswhere option buyers feel the most lossclustered near BTC $105,000 and ETH $3,500 per the update. This often acts as a gravity point in the hours around expiry.

• Put/call ratios were near 0.63 for BTC and 0.64 for ETH, suggesting more calls than puts and a mixed-to-bullish skew in the update.

Conclusion

Roughly $4.7$5.0 billion in BTC and ETH options matured today, with most notional in BTC. With max pain near BTC $105,000 and ETH $3,500, short-term price action can be noisy around these levels. If liquidity remains thin, post-expiry rebalancing could extend volatility before markets settle.