Nearly $6 Billion in Bitcoin and Ethereum Options Expire Amid Bearish Market Sentiment

Nearly $6 billion in Bitcoin and Ethereum options expire today, rattling the market as bearish bets surge. Traders prepare for further downside after recent losses, with puts dominating volume.

Large-scale expiries often shift short-term trends and signal stress among investors. Heightened uncertainty, both political and within crypto, intensifies the defensive mood across markets.

Massive Options Expiry Triggers Market Jitters

Bitcoin is trading around $108,969, hovering just above key support levels as derivatives traders continue to price in more downside risk.

Data from Deribit shows a put-to-call ratio of 0.83, with a total open interest of 43,905 BTC and a notional value exceeding $4.79 billion.

The max pain point currently sits near $116,000. This is the strike level where most options would expire worthless. It suggests traders see limited short-term upside potential.

Bitcoin Expiring Options. Source: Deribit

According to Greeks.Live, more than $1.15 billion has recently flowed into short-term out-of-the-money (OTM) puts. This accounts for roughly 28% of total options volume.

The options skew has turned sharply negative. It reflects the heaviest demand for downside protection since the market’s pullback on the 11th.

Bitcoin options–market data indicate that over the past 24 hours, the share of bearish trades has risen markedly. More than US$1.15 billion, or about 28 % of total options volume, has flowed into shallow out‑of‑the‑money (OTM) puts expiring this week and this month, with the… pic.twitter.com/6jXjERGaIz

— Greeks.live (@GreeksLive) October 16, 2025

Market makers and liquidity providers appear to be aggressively positioning for a retracement, signaling growing anxiety about broader market stability.

This shift in sentiment suggests hedging via puts is currently the most prudent strategy, especially given ongoing political and macroeconomic turbulence.

Fragile Sentiment and Macro Overhangs

Broader sentiment across crypto remains cautiously bearish, with traders eyeing $93,500 as a potential bottom and $100,000 as a short-term upside target should a bounce occur.

Ethereum, meanwhile, trades at $3,921, just below its max pain level of $4,100. Open interest is 251,884 ETH, and the put-to-call ratio is 0.81, reflecting similar defensive positioning.

Ethereum Expiring Options. Source: Deribit

Part of the unease stems from the Selini Capital crisis, which reportedly saw the fund lose $50 million through a failed basis trade unwind.