Nearly $13.5 billion in Bitcoin options and $2.5 billion in Ethereum options are set to expire on October 31, as traders brace for heightened volatility.
Following the FOMC meeting earlier this week, Bitcoin BTC $86 522 24h volatility: 3.5% Market cap: $1.73 T Vol. 24h: $50.40 B and altcoins have seen selling pressure as the crypto market faces a monthly options expiry on Oct. 31. Nearly $13.5 billion in Bitcoin options, and another $2.5 billion of Ethereum ETH $2 946 24h volatility: 5.9% Market cap: $355.66 B Vol. 24h: $29.58 B options will expire today, as the market braces for strong volatility ahead.
Bitcoin Price Cracks Under $110K Ahead of $13.5 Billion Options Expiry
On the weekly chart, Bitcoin price action shows strong movement from the highs of $116,000 to the lows of $106,000. Furthermore, the flows into spot Bitcoin ETFs have moved into the negative territory, showing waning institutional sentiment.
In the last 24 hours, BTC price has scooped the downside liquidity at $106,000 and surged from there onwards, again closer to $110,000. According to the data from crypto derivatives platform Deribit, a total of 124,171 Bitcoin options contracts, valued at $13.59 billion, are set to expire in the upcoming cycle.
Bitcoin options expiry data | Source: Deribit
Data from Deribit shows a put-to-call ratio of 0.70, signaling a mildly bullish market sentiment. Of the total open interest, 73,001 are call options and 51,171 are put options, reflecting stronger trader positioning on the upside.
The max pain point is positioned at $114,000. Historically, the BTC price moves to the max pain point as the expiry approaches. However, it first needs to break some important resistances in the mid-way.
Crypto analyst Ali Martinez has identified $112,340 as the key resistance level currently facing BTC. Martinez noted that breaching this level could determine the next major directional move for the leading cryptocurrency.
Right now, the most important resistance level ahead of Bitcoin $BTC is $112,340. pic.twitter.com/2s3nMJ3OQ8
— Ali (@ali_charts) October 31, 2025
$2.5 Billion of Ethereum Options to Expire on Oct. 31
Ethereum price has slipped under $4,000 level amid continuous selling pressure as bears take the upper hand. As of press time, ETH price is trading at $3,837 levels with 646,902 contracts worth $2.49 billion set to expire.
The max pain level is positioned at $4,100, slightly above the current spot price. Similar to Bitcoin, Ethereum’s put-to-call ratio stands at 0.70, signaling a mildly bullish market sentiment. However, data from Deribit indicates a more defensive tone among traders.
Ethereum options expiry data | Source: Deribit
Call open interest totals 381,462 contracts, exceeding the 265,440 put contracts. This suggests that while traders maintain upside exposure, others are simultaneously hedging against potential downside risks.
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