A major Bitcoin (COIN: $BTC) and Ethereum (COIN: $ETH) options expiry worth roughly $2.2 billion is scheduled to settle today on Deribit, a derivatives exchange that dominates crypto options volume.
The large expiry comes at a time of unusually low open interest (OI) across Bitcoin futures markets, dipping to levels not seen since 2022, a sign of broad market deleveraging and reset in the derivatives space.
Bitcoin Options Positioning and Max Pain Levels
For Bitcoin alone, about $1.84 billion in options contracts are expiring, with the so-called max pain level (the strike price where the most options expire worthless) around $90,000, very close to where BTC has been trading.
This positioning shows a mix of defensive and bullish bets: many put options are clustered below $85,000 (suggesting downside protection), while call options sit between $90,000 and $100,000 (indicating continued optimism for price strength).
Ethereum Options Expiry and Trader Expectations
Ethereum is also part of the expiration event, with roughly 126,000 contracts valued at about $384 million expiring. The max pain point for ETH is near $3,100, and current prices are trading just below that level.
Interestingly, many call options are placed above the $3,000 mark, signalling that some traders still expect ETH to hold higher levels even as positions settle.
Open Interest Falls to 2022 Lows as Leverage Resets
Another standout feature of today’s data is the sharp drop in Bitcoin open interest, which reflects a significant reduction in leveraged positions across major exchanges.
CryptoQuant figures show that OI has fallen sharply, with exchanges like Binance seeing declines of roughly 1.53 million BTC, and other platforms such as Bybit, Gate.io, OKX and Deribit likewise contributing to the overall decrease.
Such declines usually point to deleveraging, where excess speculative capital is cleared from the market and may lead to price stability, consolidation, or potential rebounds once new buying interest returns.
Why Low Open Interest Matters for Short-Term Price Action
Options expiry events often lift short-term constraints on price because positions that once pinned markets to certain levels are removed, potentially increasing intraday volatility as traders rebalance positions post-expiry.
With large U.S. economic events also on the calendar, including key unemployment data and a Supreme Court ruling on trade policy, crypto markets may see heightened price swings as derivatives settlement coincides with broader macro catalysts.
Technical Analysis: Bitcoin & Ethereum Ahead of Expiry
Bitcoin ($BTCUSD) is trading near a key price region around $88,000–$92,000, a zone that has acted as both support and resistance in recent weeks. A break decisively above $92,500 with strong volume could open the path toward $95,000–$97,000, extending the relief bounce from the lows; failure to hold near current support may risk a retest down toward $84,000–$86,000 where buyers stepped in previously.
Ethereum ($ETHUSD) has gravitated around the $3,000 mark, with immediate resistance in the $3,100–$3,150 range where clustered options pain and sell orders reside ahead of expiry. On the downside, key support sits near $2,880–$2,920, which should act as a first line if downward pressure increases following settlement.
If ETH can hold above the $3,000 psychological level and reclaim $3,120 with momentum, the next target lies around $3,250–$3,300.
Both BTC and ETH technical patterns show a market in consolidation ahead of options expiry, where volumes and macro data will likely dictate the next directional leg.
What This Means for Traders Going Forward
Today’s $2.2 billion options expiry, combined with historically low open interes,t suggests that crypto derivatives markets are undergoing a structural reset.
While this can reduce speculative excess and pave the way for cleaner price action, it also means that traders should expect increased volatility and be ready for price reactions tied both to options settlement mechanics and macroeconomic developments.
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