$16 Billion Options Expiry Set to Shake Bitcoin and Ethereum Markets Today

A significant derivatives event is occurring today, October 31, 2025, with over $16 billion in Bitcoin and Ethereum options set to expire on Deribit. This expiry, which includes $13.59 billion in Bitcoin options, is one of the largest monthly events this year.

For Bitcoin, trading at $109,287, the max pain price is $114,000, a level where most option holders lose money, suggesting potential price movement toward this point due to market maker hedging. Analysts note a "fragile and bidless" market structure, with support at $112,000 and resistance between $116,000 and $118,000.

Ethereum has $2.49 billion in contracts expiring, with a max pain level of $4,100. While the put-to-call ratio for both assets is mildly bullish at 0.70, Deribit analysts suggest cautious optimism tied to easing macro tensions, contrasting with Greeks.live's warning of downside risk. The unwinding of these large positions could lead to increased short-term volatility.

(Source：BeInCrypto)