Data: Today 20,000 BTC Options Expire, Maximum Pain at $92,000

A total of $2.8 billion in Bitcoin and Ethereum options expired on January 16, 2026. This included $2.4 billion in Bitcoin options and $430 million in Ethereum options. The expiry event has drawn attention from traders and analysts as they assess potential impacts on spot prices and market volatility.

Bitcoin options contracts totaled around 25,000, with a put/call ratio of 1.2. This suggests a slight dominance of put options over calls, indicating bearish sentiment among traders according to market analysis. The max pain level for Bitcoin was calculated at $92,000, a price point close to the current spot price. This implies that a significant portion of options contracts may expire in the money as data shows.

Open interest in Bitcoin options remains high, with $2.2 billion concentrated at the $100,000 strike price on Deribit. Another $1.2 billion in open interest was recorded at the $75,000 level, indicating continued short-term bearish positioning according to market reports. Total open interest across all exchanges reached $39 billion, showing a strong interest in Bitcoin derivatives trading.

Why Did This Happen?

The expiry event came amid a period of market consolidation and renewed institutional interest in Bitcoin. Derivatives trading activity has remained subdued despite increased open interest. Analysts suggest that the market is in a reactive phase rather than entering a structural bullish trend as analysis indicates. The lack of significant futures volume or implied volatility indicates a cautious outlook.

Ethereum options also saw significant activity, with around 131,000 contracts expiring. These had a put/call ratio of 1, suggesting a more balanced positioning between buyers and sellers. Ethereum's max pain level was calculated at $3,200, slightly below its current spot price. Total open interest for Ethereum options stood at $9 billion according to data.

How Did Markets React?

Bitcoin's price reached $97,000 twice on January 15 but faced strong resistance, falling back to $95,670 during Asian trading on January 16. Ethereum followed a similar pattern, trading near $3,400 before retreating to around $3,300. This behavior highlights the market's sensitivity to key price levels during large expiry events.

The total crypto market capitalization dipped slightly over the past 24 hours to $3.32 trillion, despite a 4% weekly increase. Bitcoin and Ethereum remained the primary focus for institutional activity, with large block trades and ETF inflows contributing to market momentum as market analysis shows.

BlackRock's Bitcoin ETF recorded a daily inflow of $315.8 million on January 16. This represents strong institutional demand and highlights the growing acceptance of Bitcoin as an investment asset. Analysts are watching whether these inflows will translate into sustained price increases according to reports.

What Are Analysts Watching Next?

Market observers are closely monitoring how volatility evolves post-expiry. Large options events often lead to short-term price swings as traders adjust positions and market makers adjust their hedges. The key focus is on whether Bitcoin will break above the $100,000 resistance level or consolidate near $92,000 as analysts note.

Regulatory developments continue to influence market sentiment. Delays in U.S. market structure legislation have created uncertainty, tempering any potential bullish acceleration. However, positive ETF inflows and easing geopolitical tensions have provided some support for risk-on assets according to market analysis.

On-chain metrics also point to improved supply-demand dynamics. A shift in the 90-day Spot Taker Cumulative Volume Delta (CVD) toward taker buy dominance suggests growing buy-side pressure. This reinforces the case for continued institutional participation in Bitcoin markets as data shows.