{"id":66019,"date":"2026-01-02T07:16:45","date_gmt":"2026-01-02T07:16:45","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=66019"},"modified":"2026-01-02T07:16:45","modified_gmt":"2026-01-02T07:16:45","slug":"2-2b-crypto-options-are-expiring-today-will-markets-react","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=66019","title":{"rendered":"$2.2B Crypto Options Are Expiring Today, Will Markets React?"},"content":{"rendered":"
\n

Around 21,000 Bitcoin options contracts will expire on Friday, Jan. 2, and they have a notional value of roughly $1.85 billion.<\/p>\n

This expiry event is much smaller than average due to muted trading over the holiday period and the huge one<\/a> last Friday.\u00a0Trading has been subdued over the New Year holiday as expected, with volume and volatility low, and spot markets mostly sideways as we start a new month and a new year.<\/p>\n

Bitcoin Options Expiry<\/h2>\n

This week\u2019s small tranche of Bitcoin options contracts has a put\/call ratio of 0.48, meaning that there are a lot more calls (longs) expiring than puts (shorts). Max pain is around $88,000, according to Coinglass, which is pretty close to the current spot prices, so many will be in the money on expiry.<\/p>\n

Open interest (OI), or the value or number of Bitcoin options contracts yet to expire, is highest at $100,000, which has $1.3 billion at this strike price on<\/a> Deribit. There remains around $1.1 billion in OI at $75,000 and $80,000 as bearish bets mount up.<\/p>\n

Total BTC options OI across all exchanges is at $28 billion, much lower now after last week\u2019s massive expiry.<\/p>\n

\u201cOverall, market liquidity remains subdued, and sentiment is pessimistic,\u201d said<\/a> crypto derivatives provider Greeks Live in a market update earlier this week.<\/p>\n

In addition to today\u2019s batch of Bitcoin options, around 130,000 Ethereum contracts are also expiring, with a notional value of $396 million, max pain at $2,950, and a put\/call ratio of 0.62.\u00a0Total ETH options OI across all exchanges is around $6.7 billion, around a third of what it was in late August.<\/p>\n

Spot Market Outlook<\/h2>\n

Nothing has really changed over the past month, observed<\/a> analyst \u2018Credibull Crypto\u2019 on Friday.<\/p>\n

\n

\u201cAs expected, we are simply chopping around at these levels with zero breaks in HTF [high time frame] market structure, despite many already claiming our cycle top is in.\u201d<\/p>\n<\/blockquote>\n

The $74,000 support level remains unbroken, \u201cand there are a number of indications that we are forming a bottom here,\u201d they added.<\/p>\n

Analyst \u2018Daan Crypto Trades\u2019 observed the new monthly and yearly candle, stating, \u201cYou can assume that this candle will at least extend a bit further in both directions throughout the month. Generally, that first week especially does tend to give some fakeouts.\u201d<\/p>\n

\n

$BTC<\/a> A new monthly & yearly candle has begun. You can assume that this candle will at least extend a bit further in both directions throughout the month.<\/p>\n

Generally that first week especially does tend to give some fakeouts.<\/p>\n

All in all, still in the ~$84K-$94K range for the time\u2026 pic.twitter.com\/76Db4CJL5k<\/a><\/p>\n

\u2014 Daan Crypto Trades (@DaanCrypto) January 1, 2026<\/a><\/p>\n<\/blockquote>\n