Crypto Options Expiry $4.3B in BTC & ETH Not Moving Markets
Friday sees crypto options expiry totaling $4.3B, including roughly 30,000 Bitcoin options (~$3.5B) and about 190,000 Ethereum options (~$860M).
Bitcoin options open interest is concentrated at the $140,000 strike with $2.7B OI, followed by $120,000 ($2.2B) and $95,000 ($2.0B) strikes. The put/call ratio stands at 1.2.
Ethereum options show a balanced put/call ratio of 1. Total Bitcoin futures open interest is near $86B.
Ahead of the Federal Reserve rate decision, implied volatility remains stable and markets have priced in a 25bp rate cut.
The wider crypto market capitalization hovers around $4.2T. Bitcoin trades near $116K–$117K, about 5–6% below its all-time high. Ethereum holds near $4,500, roughly 7% shy of its peak.
Altcoins such as HYPE and BNB hit record highs, while LINK, AVAX and SUI lead gains.
Historically, crypto options expiry events have had limited spot volatility. Traders expect the current crypto options expiry to have minimal impact on spot markets.
Neutral
The crypto options expiry totals $4.3B, with large open interest at key Bitcoin strikes and a balanced put/call ratio for Ethereum. Despite the size, implied volatility is stable and the Fed rate cut is priced in. Historical data shows minimal spot volatility around expiry events. Bitcoin and Ethereum prices have recovered and altcoins are rallying, further supporting a muted reaction. In both the short term and long term, the impact on spot markets is expected to be limited, making the outlook neutral.