Over $2.5 Billion in Cryptocurrency Options Expire This Friday, BTC Max Pain at $82,000

Odaily News Deribit data shows that over $2.5 billion worth of cryptocurrency options are set to expire this Friday. Among them, Bitcoin options have a notional value of $2.15 billion with a put/call ratio of 1.42 and a max pain point of $82,000; Ethereum options have a notional value of $408 million with a put/call ratio of 1.13 and a max pain point of $2,550.

Data indicates that a significant portion of Bitcoin open interest is concentrated in the $80,000 to $90,000 strike price range. The heightened put option activity suggests traders are adopting a defensive stance amid market volatility. Ethereum's open interest is primarily clustered around mid-$2,000 strike prices, with strong put option open interest below the spot price, while there is also active call option interest on the upside. Analysis points out that as market demand for protection rises and volatility is repriced, this expiration could lead to a short-term reset in market maker hedging flows. Post-expiration, the "gravitational pull" associated with large strike price concentrations may weaken, and the price action following this expiry could differ from that observed in the days leading up to it.