$3.3B Bitcoin Options Expiry Looms as BTC, ETH, and BNB Lead Market Gains

Around 28,000 Bitcoin options contracts, worth roughly $3.37 billion, are set to expire on October 3. This follows last week’s larger end-of-quarter expiry and is expected to have limited impact on spot markets, which have been climbing steadily this week.

The current options set carries a put/call ratio of 1.1, suggesting slightly more short positions than longs. The max pain level sits at $115,000, while the largest concentration of open interest is at $120,000 with $2.2 billion in contracts. Significant open interest is also noted at $140,000 and $100,000 strike prices.

Across all exchanges, Bitcoin options open interest totals about $49 billion, with futures open interest at $86.5 billion, close to record highs. In addition to Bitcoin, roughly 216,000 Ethereum options contracts worth $987 million will also expire today, bringing the total crypto expiry notional value to around $4.3 billion.

Spot markets remain strong heading into the weekend. Total crypto market capitalization has risen 1.4% to $4.23 trillion, up over 10% since last Friday. Bitcoin briefly topped $121,000 before stabilizing near $120,000, posting a 10% weekly gain. Ethereum has advanced 14% over the week, surpassing $4,500, while BNB reached an all-time high just under $1,100.