Bitcoin and Ethereum Options Worth $21B Expire Today: Here’s What to Expect from Prices

Bitcoin and Ethereum are both under pressure at a critical moment, as the market braces for the expiration of billions in options contracts.

For context, today, Sept. 26, one of the biggest quarterly options expirations in history will take place, with more than $21 billion worth of contracts coming due. This expiry is extremely important as a result of the timing, since both coins are already struggling, and traders expect sharp swings in price.

Bitcoin and Ethereum Options Expiry

Data from Deribit, the world’s leading crypto options exchange, reveals that for Bitcoin, traders exchanged 25,213.60 puts in the last 24 hours, compared to 18,709.40 calls. This gives a put-to-call ratio of 1.35, meaning more traders are betting against price growth or hedging downside risk.

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Meanwhile, in terms of open positions, Bitcoin has 85,574 calls and 60,393 puts, for a total of 145,967 contracts. The put-to-call ratio here is 0.71, showing that more open bets remain on the bullish side. 

Specifically, the total notional value of Bitcoin options is close to $16 billion, with the max pain level sitting at $111,000. This level is where option sellers feel the least pressure, since most contracts expire worthless there. As Bitcoin currently trades below this point, bears have the upper hand.

For Ethereum, in the last 24 hours, traders moved 232,806 puts against 225,203 calls, which sets the put-to-call ratio at 1.03. Open interest shows 688,808 calls against 594,515 puts, giving a total of 1,283,323 contracts. This leaves the open interest put-to-call ratio at 0.86, which indicates a slightly bullish leaning.

Overall, the notional value of Ethereum options stands above $5 billion, with max pain at $3,800. Since the market price is hovering close to that level, the expiry could act as a magnet and drive volatility in either direction.

Combined, Bitcoin and Ethereum account for more than $21 billion in expiring contracts. Expirations this size often shake the market, because traders close, roll over, or hedge positions all at once. 

Bitcoin and Ethereum Price Actions

Meanwhile, Bitcoin’s price action shows that the market is in a dangerous position. Since hitting its monthly high of $117,968 on Sept. 18, BTC has continued to collapse. Yesterday alone, it lost 3.81% in a single day, its biggest drop since August 14. At the time of writing, Bitcoin trades at $109,145, down about 7.5% from the monthly top and under the $110,000 level. 

In a recent analysis, market analyst Ted Pillows pointed out that Bitcoin still trades below its all-time high from May 2025. He believes that unless it climbs back above $114,500, it risks falling further toward $108,000. He also warned that the options expiry today could add even more volatility.

$BTC is still trading below its May 2025 ATH.

If Bitcoin doesn't reclaim the $114,500 level, a drop towards $108,000 is highly expected to happen.

Also, quarterly options expiry will happen today, so high volatility is expected. pic.twitter.com/TVNx7SZJo8

— Ted (@TedPillows) September 25, 2025

Another analyst, DustyBC, noted that Bitcoin’s decline fits into a normal correction phase. Based on his adjusted Elliott Wave count, he expects the coin to make one more low to complete wave C of the pattern. According to him, while it can feel uncomfortable to watch portfolios lose value, these corrections are healthy and part of the natural market cycle.

For Ethereum, the losses have been steep. The altcoin has dropped below the $4,000 mark and now trades at $3,933. At press time, Ethereum is down more than 17% from its monthly high. 

Speaking on this, analyst Gordon noted that Ethereum looks more oversold now than it has since the tariff crash. He reminds traders that those who bought that earlier dip during that crash enjoyed gains of 200%, warning against missing what could be a similar opportunity.

Ted Pillows also confirmed that Ethereum recently tapped the $3,800 liquidity zone as expected. While it has rebounded from this point, it still trades below the $4,060 support region. He argued that reclaiming this level could trigger a rally, but if Ethereum fails to do so, the coin could slide further toward $3,600.