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- $3.36B BTC options expire today, max pain at $115K.
- BlackRock ETF surpasses Deribit in BTC options dominance.
- Ethereum options expiry hints at moderate volatility.
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Bitcoin soars above $120K as traders brace for intense volatility ahead of a major crypto options expiry, fueled by recent capital inflows amid the U.S. government shutdown. Analysts warn that options activity and “max pain” levels could create turbulent swings for both Bitcoin and Ethereum in the coming days.
$3.36 Billion Bitcoin Options Expire Today
Nearly 28,000 BTC options, with a notional value of $3.36 billion, are set to expire on Deribit today. The put-call ratio of 1.13 suggests a stronger bearish sentiment, as traders hedge against potential price drops. Over the last 24 hours, this ratio climbed to 0.91, reinforcing expectations of cautious market behavior.
Bitcoin’s max pain price sits at $115K—well below the current $120K market price. Options interest clusters between $100K and $120K, with the highest call volume at $120K, indicating a focal point for traders and speculators.
Holding The Line
— glassnode (@glassnode) October 2, 2025
Bitcoin holds support at the STH cost basis, with ETFs and slowing LTH sell pressure adding stability. Options reset post-expiry as OI rebuilds, vol eases, and flows tilt toward cautious Q4 upside.
Read the full Week On-Chain below👇 https://t.co/5nrVZrsGVn pic.twitter.com/i6FuMr8U0y
BlackRock’s Bitcoin ETF Outpaces Deribit
Last week, BlackRock’s IBIT ETF overtook Deribit as the largest platform for BTC options. Following $23 billion in expired crypto options, BTC open interest on IBIT reached nearly $38 billion compared to Deribit’s $32 billion. Analysts now watch ETF options closely, noting that options markets often create concentrated “winner-takes-all” dynamics versus the broader distribution of ETF assets.
Also Read: IRS Ruling Saves Strategy $4B in Bitcoin Taxes, Sparks Corporate HODL Momentum
Ethereum Options Also Eye Expiry
Ethereum isn’t immune to volatility. Over 216,000 ETH options, valued at $966 million, are expiring on Deribit. The current put-call ratio of 0.93 indicates moderate bearishness, but call volume dominance in the last 24 hours shows traders betting on potential upside. Ethereum’s max pain price sits at $4,200, slightly below the $4,508 market price, suggesting limited downside risk despite the upcoming expiry.
Bitcoin and Ethereum face heightened volatility as massive options expiries unfold. While max pain levels hint at possible downward corrections, strong ETF inflows, long-term holder support, and cautious optimism among traders could stabilize the market. Investors should monitor options clusters and ETF activity closely to navigate the turbulent Q4 crypto landscape.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
