The cryptocurrency market is experiencing heightened anticipation as more than $16 billion worth of Bitcoin and Ethereum options expired on October 31, 2025, at 8:00 UTC on the Deribit exchange. This expiry coincides with the recent decision by the Federal Reserve to cut interest rates, adding further significance to the event. Traders are closely monitoring market movements, aware that such a substantial expiry could lead to notable volatility.
Bitcoin Options Expiry Details
Of the total amount, over $14.4 billion in Bitcoin options expired today, a significant increase from the previous week’s expiry of $6 billion. Data from Deribit indicates that Bitcoin’s put-to-call ratio is currently at 1.31, reflecting a slightly bullish market sentiment. The “max pain” price, which is the level at which the most traders stand to incur losses, was established at $114,000. As of the latest update, Bitcoin is trading around $109,987, with a total market capitalization of $2.19 trillion. Analysts suggest that despite the large volume of expiries, Bitcoin’s price may remain stable or face only a minor pullback as the market adapts.
Ethereum Options and Market Sentiment
Ethereum is also navigating significant expiries, with options worth $2.6 billion expiring alongside Bitcoin. The data indicates a max pain level for Ethereum at $4,100. The put-to-call ratio for Ethereum stands at 1.91, signaling a mix of cautious optimism and trader hesitation in the wake of the Federal Reserve’s recent decisions. Currently, Ethereum is trading near $3,847, below the identified key pain level.
The expiry of such a substantial volume of options often leads to short-term market volatility. Historical patterns show that both Bitcoin and Ethereum have experienced brief dips ranging from 2% to 8% before stabilizing. Prices typically gravitate toward the max pain levels—$114,000 for Bitcoin and $4,100 for Ethereum—indicating that traders may adjust their positions around these figures.
As the crypto market continues to evolve, the implications of such large expiries will be crucial for traders and investors alike. The coming hours and days will reveal how these significant market events influence price stability and trader sentiment moving forward.
