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

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

03.10.2025 / By Noirbull

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.

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Disclaimer: The information and publications do not serve as, and should not be construed as, financial, investment, trading, or any other form of advice or recommendations endorsed or provided by Noirbull. Any expression of opinion (which may change without prior notice) reflects the author's personal viewpoint, and the author does not assert any representations or warranties regarding the accuracy or comprehensiveness of the information or analysis provided. Neither the authors nor Noirbull bear responsibility for any losses arising from investments made based on perceived recommendations, forecasts, or other information presented herein. The content of these publications should not be construed as a direct or implied assurance, guarantee, or indication by Noirbull that customers will profit or that losses associated with them can or will be mitigated if they rely solely on the information provided.

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