Nearly $2.5 billion in Bitcoin and Ethereum options expire today, setting up a potentially volatile end to the month as traders juggle upside bets with deep downside insurance.
On the surface, positioning appears constructive. But beneath the call-heavy skew lies a striking anomaly: one of the largest open interest clusters in Bitcoin sits far below spot — at the $40,000 strike.
Bitcoin is currently trading around $67,271, with max pain positioned at $70,000. Open interest shows 19,412 call contracts and 11,044 put contracts. This gives a put-to-call ratio of 0.57 and reflects an overall upside bias. The total notional volume tied to the expiry is roughly $2.05 billion.
Ethereum mirrors that constructive tilt, though in a more balanced fashion. ETH trades near $1,948, with max pain at $2,025.
Calls (124,109 contracts) outnumber puts (90,017), resulting in a put-to-call ratio of 0.73 and a notional value of approximately $417 million.
Max pain refers to the price at which the greatest number of options expire worthless, minimizing payouts to buyers.
With both BTC and ETH trading below their respective max pain levels, price gravitation toward those strikes into expiry could reduce losses for option sellers.
Despite the headline bullish skew, a massive concentration of puts at the $40,000 strike has caught market attention.
The $40,000 Bitcoin put is now the second-largest strike by open interest, representing roughly $490 million in notional value. This comes after Bitcoin’s sharp retracement from prior highs, which reshaped hedging demand across the board.
In short, traders may be positioned for upside, but they are unwilling to rule out another volatility shock.
The dynamic suggests a broader change in Bitcoin’s derivatives market. Options are increasingly used for directional bets, yield strategies, and volatility management.