The cryptocurrency market is experiencing heightened tension as options worth over $16 billion for Bitcoin and Ethereum expired today, October 31, 2025, at 8:00 UTC on the Deribit exchange. This significant expiry follows the recent interest rate cut by the Federal Reserve, adding to the market’s uncertainty. Traders are closely monitoring how this large-scale expiration will influence price movements across both cryptocurrencies.
Bitcoin Options Expiry Details
More than $14.4 billion in Bitcoin options expired today, a notable increase from last week’s $6 billion expiry. Current data indicates that Bitcoin’s put-to-call ratio stands at 1.31, reflecting a slightly bullish sentiment among traders. The max pain price, a key level where most traders incur losses, has been set at $114,000. This price point often draws spot prices closer to it as the expiry date approaches. As of the latest figures, Bitcoin is trading at approximately $109,987, with a total market capitalization of $2.19 trillion. Analysts predict that despite the substantial expiry, Bitcoin’s price may see stability or a minor pullback as the market recalibrates.
Ethereum Options Expiry Insights
Ethereum is also facing a significant expiry, with options totaling $2.6 billion falling due today. The max pain level for Ethereum is set at $4,100. Notably, the put-to-call ratio is recorded at 1.91, suggesting cautious optimism among traders, yet also indicating some hesitation following the recent Fed decision. Currently, Ethereum is trading around $3,847, remaining below the max pain threshold.
The expiration of such a substantial volume of options for both Bitcoin and Ethereum typically leads to short-term market volatility. Historically, these events have resulted in temporary price dips ranging from 2% to 8% before the market stabilizes. Prices tend to gravitate towards the max pain levels, which for this expiry are $114,000 for Bitcoin and $4,100 for Ethereum. This suggests that as traders adjust their positions, prices may hover near these critical levels in the short term.
The implications of this options expiry are significant for the broader cryptocurrency ecosystem, as it could influence trading strategies and market sentiment in the coming days.
