How Will Crypto Markets React as $3B in Bitcoin Options Expire Today?

Around 30,000 Bitcoin options contracts will expire on Friday, Jan. 24, and they have a notional value of roughly $3.1 billion.

This week’s expiry event is slightly larger than last week’s, but it is unlikely to have any major impact on spot crypto markets, which have calmed following a volatile week.

Bitcoin Options Expiry

This week’s batch of Bitcoin options contracts has a put/call ratio of 0.48, which means that there are more than twice as many call (long) contracts expiring than puts (shorts). Open interest, or the value or number of BTC options contracts yet to expire, is highest at the $120,000 strike price, which has $2.4 billion in OI, according to Deribit.

There is also around $1.7 billion in OI at the $110,000 strike price, as derivatives traders remain bullish.

The anticipated announcements and crypto executive orders following US President Donald Trump’s inauguration on Monday did not materialize, causing cryptocurrency market indicators to stabilize, reported Deribit this week.

While Bitcoin options markets still show some unusual trading patterns, overall market excitement has subsided, it added.

In addition to today’s batch of Bitcoin options, around 168,000 Ethereum contracts are expiring as well. These have a notional value of $543 million and a put/call ratio of 0.47. This brings Friday’s combined crypto options expiry notional value to around $3.5 billion.

Crypto Market Outlook

Spot markets have remained relatively stable over the past 24 hours, with total capitalization at $3.7 trillion following a volatile week. The market cap is exactly where it was last week, so the Trump pump following the US president’s inauguration on Monday was very short-lived.

Bitcoin has dropped 4% from this week’s all-time high, which was almost revisited on Thursday. The asset was trading up 3% on the day at $105,000 at the time of writing, having held above six figures for most of this week.

Ethereum is up 5% on the day at $3,370, but it remains deflated following dissent and infighting at the Ethereum Foundation.

Altcoins remain mixed with minor gains and losses across the board during the Friday morning Asian trading session.

Nevertheless, market sentiment is strengthening as the first crypto-related executive order gets the approval signature from President Trump.

I told you this was the year for Bitcoin and digital assets.

— Senator Cynthia Lummis (@SenLummis) January 24, 2025