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

Nearly $6 billion worth of Bitcoin and Ethereum options are expiring, intensifying market jitters as bearish sentiment dominates trading. Bitcoin is trading near $108,969, with its options market showing a put-to-call ratio of 0.83 and a max pain point at $116,000. Furthermore, over $1.15 billion has recently flowed into short-term out-of-the-money (OTM) puts, causing the options skew to turn sharply negative, indicating heavy demand for downside hedging.

Ethereum is trading around $3,921, also showing defensive positioning with a put-to-call ratio of 0.81. This overall bearish mood is fueled by macroeconomic uncertainty, including political volatility surrounding tariffs, and specific crypto market distress, such as the reported $50 million loss by Selini Capital following a failed basis trade unwind. Traders are eyeing $93,500 as potential support, but the defensive positioning in the options market suggests that the near-term trajectory may still favor further downside unless macro conditions stabilize.

(Source：BeInCrypto)