Bitcoin News Today: Bitcoin and Ethereum Head Toward $15B Options Expiry Crossroads

The cryptocurrency market is set for heightened volatility as nearly $14.6 billion in Bitcoin and Ethereum options expire on the final Friday of August. This month-end expiry is significantly larger than the previous week’s total and includes a high open interest (OI) around critical levels, which may influence price movements and investor sentiment.

According to Deribit data, Bitcoin options account for the majority of the expiring notional value, at $11.47 billion. The total open interest for these options stands at 102,598 contracts, and the Put-to-Call ratio (PCR) is 0.78, indicating a cautious yet optimistic market sentiment with more purchase orders than sale orders. The "Max Pain" level for Bitcoin options is projected at $115,000, the price point at which most holders are expected to incur the greatest financial losses [3].

Ethereum options are also expiring today with a notional value of $3.137 billion. These options have a total open interest of 697,419 contracts, with a PCR of 0.77, further reinforcing the dominance of call options and a bullish bias among traders [3]. The maximum pain for Ethereum is expected at $3,800, a level at which most holders will face significant financial pain.

The expiry figures for this week are notably lower than the $5 billion observed in the previous week, primarily because the current expiry is for the month-end. Analysts at Deribit have noted that Ethereum options activity suggests cautious optimism, though Ethereum appears weaker compared to Bitcoin. The platform highlights key support and resistance levels at $3,800 and $5,000 for Ethereum options [3].

The market sentiment is also being influenced by the pending earnings report from Nvidia, a major player in the tech sector. The debate among traders centers on whether Bitcoin will mirror the volatility seen in equities following Nvidia’s earnings or remain resilient due to decoupling from traditional markets. The implied volatility (IV) for Nvidia is at 100%, with analysts anticipating a 7% price movement, which could impact Bitcoin’s volatility expectations [3].

As the expiry approaches, Bitcoin and Ethereum are trading at $111,428 and $4,468 respectively, with prices expected to gravitate toward their respective max pain levels. Market participants are monitoring whether this expiry will lead to a breakout as anticipated or trigger a reversal in sentiment. The market is expected to stabilize after the options expiry at 8:00 UTC on Deribit, as traders adjust to new trading environments [3].

Source:

[1] CME CF Cryptocurrency Benchmarks (https://www.cmegroup.com/markets/cryptocurrencies/cme-cf-cryptocurrency-benchmarks.html)

[2] Cryptocurrency options on futures (https://www.cmegroup.com/markets/cryptocurrencies/options.html)

[3] Nearly $15 Billion in Bitcoin and Ethereum Options Expire (https://www.mitrade.com/insights/news/live-news/article-3-1079016-20250829)