Over $2.2 Billion in Bitcoin and Ethereum Options Expire as 2026 Begins

The first major derivatives settlement of 2026 involves over $2.2 billion in expiring Bitcoin and Ethereum options, drawing trader attention for potential post-settlement volatility. Bitcoin accounts for roughly $1.87 billion of this notional value, with the asset trading near its $88,000 max pain level, reflecting a generally bullish open interest skew (put-to-call ratio of 0.48). Ethereum options total about $395.7 million, trading near its $2,950 max pain level, with a slightly less aggressive but still optimistic skew (put-to-call ratio of 0.62). Options settlements concentrate price action around max pain levels, and this event could set the tone for the quarter. The bullish positioning, reinforced by institutional block trades favoring calls for both assets, suggests traders are anticipating upside, though unwinding hedged positions could temporarily weaken price stability.

(Source：BeInCrypto)