Will Markets Fall Further When $5.3B Crypto Options Expire

Around 39,000 Bitcoin options contracts will expire on Friday, October 10, and they have a notional value of roughly $4.3 ￰0￱ expiry event is a little larger than last week’s, but there is unlikely to be any impact on spot markets, which have been mostly sideways for the past few ￰1￱ US government remains in shutdown mode, and the greenback continues to weaken, but crypto markets have largely shrugged this ￰2￱ Options Expiry This week’s batch of Bitcoin options contracts has a put/call ratio of 1.1, meaning that there are slightly more short contracts expiring than longs, as the bulls regain ￰3￱ pain is around $117,000, according to ￰4￱ interest (OI), or the value or number of Bitcoin options contracts yet to expire, is highest at $140,000, which has reached $2.4 billion at this strike price on ￰5￱ is also over $2 billion in OI at $120k, $125k, and $130k, but short sellers have targeted $110,000 as a popular strike price with $1.3 billion in ￰6￱ BTC options OI across all exchanges is around $60 billion, climbing back toward peak levels again, according to ￰7￱ Expiry Alert Over $5.3B in crypto options are set to expire tomorrow. $BTC : $4.3B notional | Put/Call: 1.12 | Max Pain: $117K $ETH : $0.94B notional | Put/Call: 0.9 | Max Pain: $4,400 BTC traders are split between $110K puts and $120K calls, while ETH flows are more… ￰8￱ — Deribit (@DeribitOfficial) October 9, 2025 “In the options market, implied volatility has lifted, skew turned neutral, and call-heavy flows dominate,” reported Glassnode this week.

“Momentum remains strong, but bullish positioning is becoming increasingly crowded,” it ￰9￱ addition to today’s batch of Bitcoin options, around 217,000 Ethereum contracts are also expiring, with a notional value of $940 million, max pain at $4,400, and a put/call ratio of ￰10￱ ETH options OI across all exchanges is around $16 ￰11￱ brings Friday’s combined crypto options expiry notional value to around $5.3 ￰12￱ Market Outlook Crypto markets haven’t moved much over the past 24 hours, with total capitalization remaining at $4.23 ￰13￱ hit an intraday high of $123,500 but pulled back again to trade around $121,000 during the Friday morning Asian ￰14￱ asset is 4% down from its all-time high and heading towards support at $120,000.

Ether prices fell back below $4,300 briefly in late trading on Thursday but recovered to around $4,350 at the time of ￰15￱ altcoins were predominantly in the red this Friday morning.