Billions in Bitcoin and Ethereum Options Hit Expiry

A total of 27,657 Bitcoin contracts worth around $2.23 billion are set to expire, with a put-to-call ratio of 0.86 indicating more traders are betting on BTC rising than falling. The “maximum pain” price is $81,000, where the largest number of contracts would become worthless. Ethereum is close behind, with approximately 183,468 ETH options expiring, showing a slightly more balanced put-to-call ratio of 0.92. The maximum pain point for ETH is $1,700. Both BTC and ETH are currently trading below these levels at $80,622 and $1,543 respectively. Market participants are preparing for potential turbulence due to lingering volatility and macroeconomic pressures, with Deribit raising concerns about how these expiries may impact pricing behavior. Looking ahead, analysts from Deribit have observed a decrease in near-term bullish sentiment, with demand for call options diminishing and only beginning to surpass puts again in contracts expiring around September. This could indicate cautious expectations and a possible continuation of softness in prices.