Bitcoin and Ethereum Face $16B Options Expiry Today, Market Braces for Volatility

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The crypto market is on edge as more than $16 billion worth of Bitcoin and Ethereum options expired on October 31, 2025, at 8:00 UTC on the Deribit exchange. Coming right after the Fed’s latest rate cut, the timing couldn’t be more critical. 

Now, traders everywhere are watching closely to see how this massive expiry will shake up the market.

$14.4 billion in Bitcoin Options Expire

Over $14.4 billion in Bitcoin options expired today on Deribit, marking a sharp increase compared to last week’s $6 billion expiry.

Data shows Bitcoin’s put-to-call ratio stood at 1.31, reflecting a slightly bullish sentiment. The max pain price, where most traders lose money, was set at $114,000, a level that often draws spot prices near expiry. As of now, Bitcoin price is trading near $109,987, with a total market cap of $2.19 trillion. 

Despite the massive expiry, analysts expect the price to stay steady or see a small pullback as the market adjusts after this large expiry.

$2.6 Billion in Ethereum Options Expire

Ethereum (ETH) also faces significant expiries, as Deribit data show an options worth $2.6 billion also expired, with a max pain level of $4,100. However, the put-to-call ratio of 1.91 indicates cautious optimism but also hints at trader hesitation following the Fed’s rate decision. 

As of now, the Ethereum price is trading near $3,847, staying below the key pain level.

How Will the Crypto Market Be Impacted?

The expiry of such a large volume of Bitcoin and Ethereum options often triggers short-term volatility. In past events, both coins have seen brief 2–8% dips before stabilizing. This is because prices tend to move toward the “max pain” levels, the points where traders lose the most. 

For this expiry, Bitcoin’s max pain level is $114,000, and Ethereum’s is $4,100, suggesting prices may hover near these levels as traders rebalance their positions.