$15 Billion in Bitcoin, Ethereum, and XRP Options Set to Expire on Friday

TLDR

• Over $15 billion in Bitcoin, Ethereum, and XRP options contracts are expiring on Friday, with Bitcoin accounting for $13.42 billion of the total.
• Bitcoin options show a put-call ratio of 0.56 with a max pain price at $100K, while 24-hour trading shows increased bearish positioning with a 1.12 put/call ratio.
• Ethereum options worth $1.73 billion are expiring with a put-call ratio of 0.48 and a max pain price of $3,400, above current trading levels around $3,014.
• Bitcoin-denominated Options Open Interest has reached a new all-time high, though USD-denominated values remain below late-October peaks.
• XRP options worth $15 million are expiring with a put-call ratio of 0.41 and a max pain price of $2.30 as the token trades around $2.19.

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The crypto market faces a major monthly options expiry on Friday as over $15 billion worth of contracts reach their deadline. Bitcoin, Ethereum, and XRP options are all set to expire, with traders expecting increased volatility in the coming days.

Bitcoin leads the expiry with more than 147,000 BTC options worth $13.42 billion set to close according to Deribit. The put-call ratio stands at 0.56, showing more call options than puts. This typically indicates positive sentiment among traders.

Source: Deribit

However, the 24-hour data tells a different story. Put volume has increased significantly in the past day, resulting in a put/call ratio of 1.12. This shift suggests traders are hedging their positions or expecting downside movement.

The max pain price for Bitcoin options sits at $100,000. This is the price level where the most options would expire worthless. Current Bitcoin price is trading above $91,000 following a 10% weekly rebound.

Bitcoin (BTC) Price

Glassnode reports that Bitcoin-denominated Options Open Interest has reached a new all-time high. This metric measures the total number of open options contracts. The increase comes as traders reposition during recent market volatility.

The USD-denominated Options Open Interest tells a different story. It remains below the peak seen in late October. This means more contracts are open in Bitcoin terms but less overall dollar value is involved.

Ethereum Options Show Bullish Positioning

Ethereum options worth $1.73 billion are expiring on Friday. The contracts total over 574,000 ETH according to Deribit data. The put-call ratio is 0.48, lower than Bitcoin’s ratio.

Source: Deribit

The max pain price for Ethereum is $3,400. This is above the current market price of around $3,014. More calls than puts exist at this price level.

In the 24-hour period, call volume by expiration exceeded put volume. But recent trading shows puts outpacing calls with a 1.78 ratio. Deribit described Ethereum as remaining a “battlefield” between bulls and bears.

XRP options worth $15 million are also expiring. The put-call ratio is 0.41, the lowest among the three assets. The max pain price is $2.30 while XRP currently trades at $2.19.

Trading volume has dropped across all three assets in the past 24 hours. Bitcoin volume fell 30%, Ethereum saw similar declines, and XRP volume dropped over 30%. The reduced volume indicates traders are taking a cautious approach ahead of expiry.

Futures Market Shows Different Pattern

The Bitcoin Futures Open Interest has been declining since October. This metric measures open futures contracts rather than options. The decline has been gradual rather than sudden.

Glassnode says the slow decline shows investors pulling back on risk themselves. This is different from forced liquidations that happen during price crashes. The market now operates on less leverage than before.

Bitcoin’s recent 5% surge brought the price back above $91,000. Traders expect a 25 basis point Federal Reserve rate cut in December. The crypto market sentiment remains in “extreme fear” territory despite the recent bounce.

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