$6B Bitcoin & Ethereum Options Expiry Shakes Crypto Markets—Here’s What You Missed
Crypto traders just got whiplash as $6 billion in Bitcoin and Ethereum options expired—and the fallout is anything but boring.
### The Domino Effect Nobody Predicted
When derivatives contracts this massive hit the market, liquidity gets squeezed harder than a leveraged long on margin call. Bulls and bears are locked in a tug-of-war, and volatility’s the only winner.
### Why This Expiry Hits Different
Unlike last quarter’s snooze-fest, this expiry had teeth. Open interest was stacked like a Wall Street bonus pool—top-heavy with speculative bets. Now the real question: Who’s left holding the bag?
### The Cynic’s Corner
Let’s be real—half these options traders couldn’t spot gamma exposure if it bit them. But hey, at least they’re keeping the rest of us entertained with their expensive guesswork.
Markets don’t wait for anyone. Whether you’re hedging or YOLO-ing, one thing’s clear: The crypto casino stays open 24/7.
Market Reacts to Options Expiry
This week’s expiry surpasses last Friday’s, when nearly $5 billion worth of contracts lapsed. According to analytics platform Greeks.live, the current expiries come as markets are still digesting a surprise correction triggered by macroeconomic data. An unexpectedly strong U.S. Producer Price Index (PPI) reading was the primary catalyst, with Core CPI inflation climbing back above 3% and PPI inflation hitting 3.7%, the highest since March 2022.
Despite recent macroeconomic shocks, Greeks.live analysts posted on X that the options market remains stable, noting, “Looking at the main options data, in terms of implied volatility, BTC’s IV remains low, with short- and medium-term IVs remaining below 35%, while ETH’s main term IV remains as high as 70%, matching the current potential volatility expectations for ETH.”
August 15 Options Data
39,000 BTC options expired, with a Put Call Ratio of 0.95, a Maxpain point of $118,000, and a notional value of $4.6 billion.
280,000 ETH options expired, with a Put Call Ratio of 1.04, a Maxpain point of $4,000, and a notional value of $1.3 billion.
BTC… pic.twitter.com/WrdjBtYTyO
The expiry coincides with record-breaking activity on Deribit, which reported $10.9 billion in daily trading volume, marking the first time the platform has surpassed the $10 billion mark.
While sentiment remains split, some traders highlight strong buying momentum and “infinite bid” conditions, while others caution about a potential local top NEAR $122,000 for BTC and $4,700 for ETH.
Also Read: Block Launches Proto Rig and Proto Fleet for Efficient Bitcoin Mining
