$22B Crypto Options Expiry Sparks Volatility Fears as BTC Drops Below $109K

A massive wave of crypto options contracts worth $22.4 billion is set to expire today, raising concerns about heightened volatility across digital asset markets already reeling from heavy losses this week.

Bitcoin Options Lead the Way

Roughly 146,000 Bitcoin options contracts with a notional value of $17 billion are due to expire. Data from Coinglass shows a put/call ratio of 0.76, suggesting more long positions than shorts are closing out, with max pain at $110,000.

Open interest remains heavy across multiple strike levels, led by $140,000 ($2.7B OI) and $120,000 ($2.2B OI). Short sellers also have significant exposure at $95,000 ($1.9B OI).

Derivatives provider Greeks Live noted that while implied volatility hasn’t shifted much, the options skew has tilted sharply toward puts — a clear sign of growing downside expectations.

Ethereum Expiry Adds $5.3B

Alongside BTC, around 1.3 million Ethereum contracts valued at $5.3 billion are also expiring, with max pain at $3,800 and a put/call ratio of 0.80. Total ETH options open interest across all exchanges sits at $18 billion, highlighting the scale of this quarter-end expiry.

Market Correction Deepens

Crypto markets entered Friday under pressure, with total capitalization falling to $3.84 trillion, a four-week low. Bitcoin slipped under $109,000 late Thursday, marking a 12% pullback from its September peak, while Ethereum briefly dipped to $3,830 before recovering above $3,900.

Altcoins including XRP, BNB, Solana, Avalanche, and Sui extended losses, compounding the correction. Analysts caution that today’s expiry could amplify volatility, particularly if BTC fails to hold above the $108,000–$110,000 support range.