The cryptocurrency market is experiencing heightened tension as options worth over $16 billion for both Bitcoin and Ethereum expired on October 31, 2025, at 08:00 UTC on the Deribit exchange. This expiry follows a recent decision by the Federal Reserve to cut interest rates, raising the stakes for traders monitoring the potential market impact.
Bitcoin Options Expiry Highlights
Of the total options expiring, more than $14.4 billion pertained to Bitcoin, a significant increase from last week’s $6 billion expiry. Current data indicates that Bitcoin’s put-to-call ratio stands at 1.31, which suggests a slight bullish sentiment among traders. The maximum pain price, a point where most traders would incur losses, has been established at $114,000. Presently, Bitcoin is trading around $109,987, contributing to a total market capitalization of approximately $2.19 trillion. Analysts predict that despite the considerable expiry, Bitcoin’s price may remain relatively stable or experience a minor pullback as the market adjusts.
Ethereum’s Significant Expiry
Ethereum (ETH) is also facing a substantial expiry, with options worth $2.6 billion that have now lapsed. Data from Deribit indicates a maximum pain level of $4,100 for Ethereum options. The put-to-call ratio for Ethereum is notably higher at 1.91, reflecting cautious optimism among traders. As of the latest figures, Ethereum is trading at approximately $3,847, remaining below the critical pain level.
The expiry of such a large volume of options for both Bitcoin and Ethereum typically leads to short-term volatility. Historically, similar events have triggered price fluctuations of around 2% to 8% before the market stabilizes. Prices often gravitate toward the designated “max pain” levels, where traders experience the most significant losses. For this expiry, Bitcoin’s max pain level is $114,000, while Ethereum’s stands at $4,100. This suggests that as traders realign their positions, prices may hover near these critical thresholds.
As the market absorbs the implications of this options expiry, participants remain watchful for any potential volatility that may arise. The interplay between these expiries and the recent changes in interest rates is likely to shape trading strategies in the days to come.
