🤑 $16B Crypto Options Expire: Will Markets Tremble or Yawn? 🌪️

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Ah, the grand theater of finance! Behold, as the curtain rises on a spectacle most absurd: more than $16 billion in Bitcoin and Ethereum options are set to expire on October 31, 2025, at 8:00 UTC on Deribit. A sum so vast, it could make even the most stoic of traders blush with anticipation. 🤑

This expiry, my dear reader, surpasses last week’s paltry $6 billion event, thanks to the monthly rollover of October contracts. A mere trifle, you say? Nay! Traders and investors, those poor souls, must now gaze upon max pain levels and positioning with the gravity of a man staring into the abyss. For these, alas, could stir the short-term price action like a tempest in a teapot. 🌪️

Bitcoin Options: A Fragile Ballet of Greed and Fear

Bitcoin, that fickle muse of the markets, trades at $109,287 as I scribe these words. During this grand expiry, 124,171 contracts worth $13.59 billion shall close. The max pain price, that cruel mistress, sits at $114,000-a level where most option holders shall weep into their ledgers. 😢

History, that relentless tutor, teaches us that Bitcoin’s price tends to waltz toward the max pain zone as expiry nears. Why, you ask? Ah, it is the market makers, those cunning puppeteers, hedging their positions with the precision of a clockmaker. ⏳

The put-to-call ratio, a mere 0.70, whispers of a mild bullish bias among traders. Yet, Deribit’s data reveals a total of 124,171 Bitcoin options open interest. The call open interest, a robust 73,001 contracts, outshines the put open interest at 51,171, resulting in a put/call ratio of 0.70 across all expirations. A delicate balance, indeed! ⚖️

Greeks.live analysts, those wise oracles, declare the market “fragile and bidless” after recent liquidations. Key levels to watch? $112,000 and the CME gap from $110,000 to $111,000. Resistance, that stubborn foe, looms at $116,000 to $118,000. Should support falter, traders eye $106,000-a mere 3% correction from the current price. A trifle, perhaps, but enough to stir the pot. 🍲

Open interest, once a towering giant above 100,000 contracts, has shriveled to a mere 70,000 in a month. A sign of profit-taking, or perhaps a waning conviction at current prices? Falling open interest alongside steady prices points to consolidation, with direction as uncertain as a foggy morning in St. Petersburg. 🌫️

Community Daily Digest #daily

Published: 2025-10-28

Overall Market Sentiment

The group shows a predominantly bearish sentiment with traders expecting downside despite current market resilience. Key levels being watched include 112k support,…

– Greeks.live (@GreeksLive) October 28, 2025

Ethereum: A Cautious Waltz Amidst Uncertainty

Ethereum, the younger sibling of Bitcoin, trades at $3,854, with 646,902 contracts totalling $2.49 billion set to expire. The max pain level, a mere $4,100, sits just above the current price. A close shave, indeed! 💈

Like Bitcoin, Ethereum’s put-to-call ratio is 0.70, hinting at a mild bullish positioning. Yet, Deribit’s Ethereum options statistics reveal a more defensive stance. Call open interest stands at 381,462 contracts, surpassing the put open interest of 265,440. A heavy call side, suggesting traders are hedging downside risk or holding optimistic views amid bullish positioning in expiring contracts. 🛡️

“Positioning reads cautiously bullish. With US-China trade tensions visibly easing, upside risk is stronger, and traders are less hedged. ETH positioning leans cautious, with puts outweighing calls,” Deribit analysts stated. A cautious optimism, indeed, amidst the chaos! 🧘♂️

The size of this expiry, my friends, amplifies its potential impact on spot prices. Altogether, Bitcoin and Ethereum options account for over $16 billion in notional value, making this one of the top crypto derivatives events of October. A grand spectacle, is it not? 🎭

Deribit notes cautious optimism tied to improving macro conditions, while Greeks.live warns of ongoing downside risk and exhausted buyers. As these large positions unwind, volatility could climb quickly. Max pain levels at $114,000 for Bitcoin and $4,100 for Ethereum may influence short-term price movements. A dance of greed and fear, played out on the grand stage of finance. 💃🕺

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2025-10-31 09:20