Crypto Options Expiry This Friday: $11.85B in Contracts, Max Pain Above Spot
Nearly $11.85 billion in crypto options expire Friday, with Bitcoin's $10.16 billion in contracts having a max pain level at $72,000—15% above the current $61,750 price. Ethereum's $1.69 billion in options have max pain at $2,000, 20% above spot at $1,648.
A total of $11.85 billion in crypto options are set to expire this Friday. Bitcoin accounts for $10.16 billion across 162,000 contracts. With BTC trading at $61,750, the max pain level is $72,000—roughly 15% above the current spot. Max pain is the price where the most options expire worthless, benefiting option sellers.
Ethereum has $1.69 billion in options expiring. ETH is at $1,648, while max pain sits at $2,000, about 20% above spot. The order book shows heavy call interest at $80,000, $90,000, and $100,000 for Bitcoin, and at $2,100 and $2,500 for Ethereum—all well above current prices and deep out of the money.
If Bitcoin and Ethereum remain flat or drift lower through Thursday, those call positions will expire worthless on Friday, wiping out a disproportionate amount of open interest. Traders who bought them lose their premium. The key takeaway: max pain for both assets is above current spot, meaning the pressure from expiry this week points upward.
Source: Cointelegraph