Roughly 149,000 Bitcoin options contracts — worth about $9.57 billion — are expiring Friday, alongside 433,000 Ethereum options carrying a notional value of $825 million. The combined $10.4 billion in crypto options expirations lands as the broader market pulls back, with roughly $25 billion in value wiped out this week after the Federal Reserve held rates steady and military action between the US and Iran resumed.
Max pain and the $64,000 question
The put/call ratio for the expiring Bitcoin options is 0.28, meaning there are far more bullish call contracts than bearish puts. The max pain price — the level where the most options expire worthless — sits around $64,000, close to where Bitcoin is trading now. Bitcoin hit an intraday high of $65,000 early Friday but was rejected and slipped to $64,325 at the time of writing.
Open interest remains heaviest at the $70,000 and $72,000 strike prices on Deribit, with $2.4 billion parked at each level. On the short side, $1.3 billion in open interest sits at $60,000. Total Bitcoin options open interest across all exchanges has climbed to $34.7 billion.
Ethereum options: a quieter expiry
Ethereum's expiry is smaller in dollar terms but still notable. The put/call ratio is 0.59, more balanced than Bitcoin's but still tilted toward calls. Max pain is $1,800, and Ethereum has been hovering around $1,900 in a tight range for days. Total Ethereum options open interest across all exchanges is about $5.4 billion.
Market backdrop: geopolitics and the Fed
The week's retreat follows the Federal Reserve's decision to leave interest rates unchanged — a move that disappointed traders hoping for a dovish signal. At the same time, the resumption of military action between the US and Iran added a layer of geopolitical uncertainty. Total crypto market capitalization ticked up to $2.3 trillion on Friday morning, but the week has been one of decline.
Bitcoin is at its lowest weekly volatility in two years, according to analyst 'Daan'. That low-volatility environment could make the expiry's impact more pronounced if the price breaks out of its recent range.
What to watch next
With max pain at $64,000 and the spot price hovering just above it, the next few hours could determine whether Bitcoin stays in the zone or gets pushed toward the heavy open interest at $70,000 or $60,000. The expiry itself is a scheduled event, but the combination of a tense macro backdrop and unusually low volatility means traders will be watching the close closely.
