Bitcoin Hits $100K as $2.8B Crypto Options Expire: What’s Next?

The crypto market observed a notable event as approximately 21,600 Bitcoin (BTC) options contracts expired on January 17, carrying a notional value of $2.2 billion. 

The expiry coincides with Bitcoin’s resurgence above $105,000, driving optimism among market participants.

Balanced Sentiment in Bitcoin Options Market

This week’s Bitcoin options expiry recorded a put/call ratio of 0.94, indicating evenly matched bullish and bearish sentiments. The open interest (OI) reached its peak at the $120,000 strike price, contributing $1.8 billion in OI. 

Additionally, significant interest was observed at the $110,000 and $108,000 levels, with $1.3 billion and $1.2 billion in OI, respectively.

Market analysts have identified $96,000 as the Max Pain Point for this expiry, the price at which most contracts expire worthless. Greeks.Live noted that traders showed cautious optimism, with some positioning for further upward movement while hedging against potential pullbacks.

Jan 17 Options Data
22,000 BTC options expired with a Put Call Ratio of 0.95, a Maxpain point of $96,000 and a notional value of $2.19 billion.
182,000 ETH options expired with a Put Call Ratio of 0.36, Maxpain point of $3,250 and notional value of $610 million.
Bitcoin rallied… pic.twitter.com/7NIwGEIz1w

— Greeks.live (@GreeksLive) January 17, 2025

Ethereum Options Contracts Expire Alongside Bitcoin

Simultaneously, the Ethereum options market saw 182,000 contracts expire, with a combined notional value of $617 million. The put/call ratio stood at 0.36, reflecting a stronger inclination toward call options. The Max Pain Point for Ethereum contracts was identified at $3,250.

Ethereum’s market performance, however, lagged behind Bitcoin. At press time, Ethereum traded at $3,496.29, with daily gains of 4.8% and weekly growth of 6.19%. 

In comparison, Bitcoin registered an 8% weekly increase. This disparity has highlighted Bitcoin’s dominance in recent market activity, as noted by Greeks.Live.

Market Trends Following Bitcoin’s Recovery

Bitcoin rebounded strongly from a recent low of $89,260, surging to $105,189 at the time of writing. This recovery follows a challenging weekend, during which bearish sentiment temporarily overshadowed the market. 

Greeks.Live also commented on the broader market’s focus on Bitcoin, which has left altcoins in the background. While Bitcoin recorded a 2.73% daily gain, other cryptocurrencies like Ethereum and Binance Coin saw only marginal increases.

Anticipation of Future Market Movement

Market participants are closely monitoring developments in the macroeconomic and regulatory landscape. Deribit attributed the recent rally to favorable inflation data in the U.S., which bolstered Bitcoin spot prices. The platform also highlighted the accumulation of $120,000 call options, which pushed implied volatility higher.

The upcoming inauguration of Donald Trump, widely seen as a cryptocurrency proponent, is expected to further influence market dynamics. Traders are watching for potential policy announcements that could impact Bitcoin’s price trajectory.

This week’s combined Bitcoin and Ethereum options expiry totaled $2.8 billion in notional value, underlining the growing scale and influence of cryptocurrency derivatives markets.

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