A Large Amount of Options Expiring Today on Bitcoin and Ethereum: What Happens Next?

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According to Greeks.live analyst Adam, the cryptocurrency market continues to struggle with a lack of fresh capital and new trends and shows no signs of a short-term reversal following the latest quarterly options distribution.

In a recent social media post, Adam shared key data from today’s options expiration event:

  • Bitcoin (BTC): 139,000 BTC options expired with a 0.49 Put-Call ratio, with a maximum loss of $85,000 and a total notional value of $12.1 billion.
  • Ethereum (ETH): 301,000 ETH options expired with a Put-Call Ratio of 0.39. The maximum loss point was $2,400 and the notional value was $2.13 billion.

Three-month expiry accounted for over 40% of total positions, while BTC options accounted for around 80% of total expiry volume, and ETH options accounted for around 20%. Among other cryptocurrencies, Solana (SOL) saw the highest distribution volume outside of BTC and ETH, but only accounted for 2% of the total.

Despite concerns over Ethereum’s market performance, the composition of open interest remained stable. Meanwhile, implied volatility (IV) decreased slightly, with BTC’s underlying volatility falling below 50%, while ETH’s remained around 60%.

The near-term outlook remains bearish as investor sentiment weakens and major market makers increase selling pressure, analysts warn. The absence of a fresh bullish catalyst could keep the market in a stagnant state and make it more difficult for buyers to gain momentum.

*This is not investment advice.

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