$6B Bitcoin and Ethereum Options Expire Today Amid Bullish Bets

Key Points

• Over $6B in BTC and ETH options set to expire today
•  Bitcoin max pain point at $117K, Ethereum at $4K
• Record $10.9B options volume hints at market confidence
• Traders brace for post-expiry volatility this weekend

The crypto market is closely watching today’s $6 billion expiry of Bitcoin and Ethereum options, which is expected to spark notable price movements.

💡It’s Friday… so $6.1B in crypto options are expiring 😅$BTC ~$119K, $ETH ~$4.6K
Bulls & bears dead even — who wins this round? pic.twitter.com/BQa3nC062o

— CryptoPotato Official (@Crypto_Potato) August 15, 2025

This high-stakes event on Deribit, the largest crypto options exchange, often acts as a reset button, influencing spot prices and trader sentiment.

At the core of this event is the concept of “max pain”—the price where option holders lose the most money, maximizing gains for option writers. For Bitcoin, that level is set at $117,000, while BTC trades slightly above it at $118,995. Ethereum’s max pain sits at $4,000, below its current level of $4,629.

Bitcoin Expiring Options. Source: Deribit – Techtoken

This close alignment between current prices and max pain zones suggests potential short-term pullbacks as traders adjust their positions around these levels.

Meanwhile, Bitcoin options account for $4.78 billion in notional value and 40,185 contracts, while Ethereum options carry $1.33 billion and 287,946 contracts, respectively.

Ethereum Expiring Options. Source: Deribit – Techtoken

This expiry comes shortly after significant developments like Bitcoin mining firms adopting AI technology, showing how the broader crypto space continues to evolve rapidly.

Options Data Shows Mixed Sentiment as Bulls Dominate

Looking deeper into market sentiment, Bitcoin’s Put-Call Ratio (PCR) stands at 0.90, signaling a dominance of bullish bets. More calls (buy options) than puts (sell options) generally reflect positive sentiment, and that trend continues here, even as BTC hovers above its pain point.

Ethereum’s PCR, however, tells a different story. At 1.02, the market leans slightly bearish, suggesting more protective positioning with puts. This minor skew reflects cautious optimism or hedging by traders as ETH nears key psychological and technical resistance.

Interestingly, these developments come as traders are also paying attention to Bitcoin’s evolving correlation with traditional assets, especially gold during recent inflationary periods. These macro shifts could impact options trading behavior.

While the sentiment varies between the two, overall open interest and volume suggest strong participation, particularly from institutional traders. These are not casual positions; the size of the contracts indicates confidence in sustained momentum, despite recent macroeconomic challenges.

Inflation Data Sparks Short-Term Jitters

The expiry comes at a time of heightened macroeconomic uncertainty. Recent inflation readings, especially the Producer Price Index (PPI), surprised investors.

PPI spiked to 3.7%, well above the 2.9% forecast, marking the highest reading since March 2022. This follows the Core CPI inflation climbing back above 3%, further complicating the monetary policy outlook.

HOLY CRAP!

This is Really bad for Inflation:

The US PPI numbers are out and they’re MUCH higher than expected! Headline PPI YoY: 3.3% (exp 2.5%, prev 2.3%).

Now let me explain why this is so terrible for inflation.

PPI = Producer Price Index. It’s basically the wholesale… pic.twitter.com/82tinn8qnz

— Brian Krassenstein (@krassenstein) August 14, 2025

Despite these signals, analysts at Greeks.live report that implied volatility (IV) remains stable. This suggests the options market hasn’t yet priced in panic. The sentiment still leans toward a longer-term bull market, even if short-term corrections become more likely.

This uncertainty has also sparked debates around crypto regulation and enforcement, especially as prominent figures like Donald Trump weigh in on crypto policies. These developments could have broader effects on institutional sentiment.

Traders should remain cautious, however. Macro-driven corrections can shake even the strongest bull markets—especially when leveraged positions are involved.

Record Volume Signals Institutional Confidence

One of the biggest headlines surrounding today’s expiry is Deribit’s record-breaking trading volume, which hit $10.9 billion in a single day. This is the first time Deribit has crossed the $10B mark, and it highlights the growing dominance of options in the crypto ecosystem.

As BTC hit a new all-time high and ETH neared its all-time high, the market experienced an unexpected correction, primarily triggered by an unexpectedly strong PPI reading.
There were no major changes in the options market, with no significant changes in the main term IV and… pic.twitter.com/sWWOp3KVXE

— Greeks.live (@GreeksLive) August 14, 2025

Greeks.live analysts said this level of activity shows “the market is not worried about the follow-up market”, suggesting confidence in the current uptrend.

Institutional players are becoming more active in crypto options, and the influx of volume often indicates they’re positioning for long-term moves rather than quick flips.

That said, some market watchers caution that this level of euphoria could mark a local top. BTC’s current level near $119K is not far from the $122K level, which many identify as a likely resistance point. Similarly, ETH hovering near $4,700 could be a sign of a topping structure forming.

Reports of “infinite bid conditions” suggest that buyers are pushing hard, and market makers are pulling sell orders due to intense demand. One notable trade involved the sale of 115,000 BTC puts for next week—a clear tactical play betting against a sudden drop.

Interestingly, these developments coincide with rising concern over security and international interference in the space, such as from North Korean crypto hackers targeting DeFi platforms.

⚡ BREAKING:

$6,110,000,000 WORTH OF $BTC AND $ETH OPTIONS EXPIRE TODAY. pic.twitter.com/HdTB1bpSKS

— Litest (@LitestApp) August 15, 2025

Post-Expiry Volatility Could Define Weekend Moves

Once the options expire at 8:00 UTC, the market tends to experience a cooling-off period, with prices often consolidating or resetting. This post-expiry window is crucial.

If bullish momentum continues, prices may break key resistance levels. But if traders begin to lock in profits, a retracement could follow.

This makes the weekend highly significant. With many leveraged positions expiring, traders often take a step back and reassess. Historically, post-expiry weekends have been volatile, especially when coupled with external events like inflation data or unexpected global news.

The bullish scenario would see Bitcoin reclaim $120K and push for a new ATH, while Ethereum might target a clean break above $4,700.

In a bearish case, both assets could drift toward their max pain levels—a scenario that would delight option writers but worry overextended long traders.

Looking beyond the major players, altcoins like Stellar (XLM) are also gaining attention after recent price movements sparked by network upgrades, reflecting broader bullishness in the crypto market.

With record demand, growing institutional interest, and macro-driven uncertainty, this weekend could shape the next leg of the crypto market’s journey, whether that’s a deeper correction or another breakout.