A pivotal moment for crypto markets has arrived as Bitcoin and Ethereum face a massive $8.05 billion options expiry today — a milestone event that could unleash a wave of sharp price movements across digital assets.
Scheduled to unfold on Deribit, the world’s largest crypto derivatives exchange, this expiry event is being closely monitored by traders and institutional players alike. Options expiries often mark inflection points for volatility, but the sheer size of today’s expiration suggests a more pronounced impact than usual.
In Bitcoin’s case, 77,642 contracts — equating to roughly $7.24 billion in notional value — are expiring. The put-to-call ratio for Bitcoin stands at 0.73, hinting at bullish sentiment as call options dominate the landscape. Meanwhile, Bitcoin’s maximum pain point is positioned at $86,000, far below the current trading level of $93,471, suggesting potential price pressure in the short term.
Ethereum will see 458,926 contracts worth $808.3 million expire. Despite a similar bullish tilt, with a put-to-call ratio of 0.74, Ethereum faces greater vulnerability. Trading around $1,764, ETH remains under its max pain point of $1,900, opening up downside risk if selling pressure accelerates.
BTC and ETH Under the Microscope as Price Clusters Loom
The technical setup further complicates the picture. Bitcoin options activity is densely packed between the $80,000 to $90,000 range — a zone that could act either as a launchpad or a trap for bulls. Similarly, Ethereum’s most active strikes are clustered between $1,800 and $2,000, creating potential resistance in either direction.
Traders expect turbulence during the expiry window, with quick liquidity grabs likely before any definitive directional move. Whales and smart money tend to capitalize on such moments of market dislocation.
Adding to the drama, data shows that Bitcoin whales — addresses holding between 1,000 and 10,000 BTC — have been steadily accumulating. Glassnode’s accumulation score has risen, indicating that major players continue to absorb supply quietly while retail interest remains hesitant.
This stealth accumulation could amplify Bitcoin’s upside potential if bulls manage to maintain momentum post-expiry.
Ethereum Caution: Whales Sell as Retail Optimism Wanes
Ethereum paints a less rosy picture. Recent whale movements reveal significant ETH outflows to exchanges, with over $540 million worth of ETH transferred for potential selling. Unlike Bitcoin, where whales are positioning for upside, Ethereum’s large holders seem to be capitalizing on temporary price recoveries to exit.
The contrast in whale behavior between Bitcoin and Ethereum suggests diverging short-term outcomes. While Bitcoin eyes a $100,000 breakout, Ethereum faces stiff resistance and weakened structural support.
Overall, today’s $8.05 billion expiry reflects more than just short-term volatility — it highlights a market in transition. Bitcoin’s institutional momentum could spark a new wave of gains, while Ethereum risks deeper retracements unless buying strength re-emerges.
