$2.5 Billion Crypto Options Expiry Looms — But It’s the Massive $40,000 Bitcoin Bet That Has Traders on Edge

Nearly $2.5 billion in Bitcoin and Ethereum options are set to expire, creating potential volatility. While overall positioning shows a constructive, call-heavy bias for both assets—with Bitcoin's max pain at $70,000—a striking anomaly exists: the $40,000 Bitcoin put strike has the second-largest open interest, representing about $490 million. This deep out-of-the-money put concentration suggests traders are maintaining significant downside insurance despite the bullish skew. Analysts note that if prices drift toward the max pain levels ($70,000 for BTC, $2,025 for ETH), option sellers could minimize payouts. Furthermore, one analyst suggested that extracting premium from the options market could reduce structural selling pressure from HODLers, potentially driving prices upward.

(Source：BeInCrypto)