$3 Billion Options Expiry Looms Over Bitcoin and Ethereum — Calm Before the Next Shock?

Nearly $3 billion in Bitcoin and Ethereum options are set to expire on Deribit at 08:00 UTC, drawing scrutiny to derivatives markets following a recent sharp sell-off below $70,000 that caused widespread liquidations.

Bitcoin is trading around $66,372 with a max pain level near $74,000, while Ethereum is near $1,950 with a max pain of $2,100. Despite some rotation back into call options as volatility subsides, overall market sentiment remains cautious, with risk reversals heavily skewed toward puts, indicating persistent demand for downside protection.

Analysts note that institutional traders remain skeptical about the medium-term outlook, evidenced by significant trading volume in out-of-the-money put options below $65,000. The settlement of this large expiry could either stabilize the market or trigger renewed volatility.

(Source：BeInCrypto)