Massive $16B Bitcoin and Ethereum Options Set to Expire End of October

Key Points

• Deribit released the Bitcoin and Ethereum options expiry data amidst a volatile crypto market.
• Over $16 billion in Bitcoin and Ethereum options will expire on October 31, potentially causing more market volatility.

On October 31, Deribit unveiled the options expiry data for Bitcoin and Ethereum in a fluctuating crypto market.

The overall crypto market has seen a decrease of over 3.8% in the last 24 hours due to crypto liquidations, whale movements, and other factors.

Details on Bitcoin and Ethereum Options Expiry

More than $16 billion in Bitcoin and Ethereum options are set to expire on October 31 at 08:00 (UTC) on Deribit.

This significant amount could potentially cause further market volatility.

Bitcoin options will expire with a Put/Call Ratio of 0.73 and a Max Pain Point of $114,000.

Upside moves are more likely and traders are less hedged, as Deribit has noted.

Ethereum options will expire with a Put/Call Ratio of 1.25 and a Max Pain Point of $4,100.

ETH positioning is more cautious with puts outweighing the calls.

Both BTC and ETH prices could move to the Max Pain zone.

Price Trajectories for Bitcoin and Ethereum on October 30

Both Bitcoin and Ethereum experienced high volatility.

However, Ethereum performed worse than Bitcoin in the past 24 hours.

BTC Price Action

At the time of writing this article, BTC is trading at $108,000, having decreased by 3% in the past 24 hours.

BTC price began a descending trajectory on October 29 from $113,000 levels, dropping to $107,000 levels earlier.

The BTC price drop began yesterday ahead of the FOMC meeting.

Despite the Fed’s decision to cut interest rates and begin QE in December, the digital asset continued to see volatility.

Institutional interest in BTC has also taken a break with BTC ETFs recording outflows of over $470.7 million on October 31, according to data from SoSoValue.

ETH Price Action

At the time of writing this article, ETH is trading at $3,784, having decreased by over 4.4% in the past 24 hours.

ETH began a price decline from $4,000 levels on October 29, dropping to $3,766 today, before a slight rebound to current levels.

US ETH ETFs also saw outflows on October 29 of above $81.4 million, signaling a break in institutional interest.

Crypto Liquidations and Whale Movements

The crypto market witnessed $1.11 billion in 24-hour liquidations, over $955 million in longs, and more than $150 million in shorts.

BTC recorded over $443 million in liquidations, mostly long positions, and ETH saw almost $249.5 million in liquidations, mostly in longs.

In the past 24 hours, over 216,000 traders were liquidated, and the largest crypto liquidation occurred on Hyperliquid (BTC/USD over $21 million).

Hyperliquid also had the most 24-hour crypto liquidations, above $456 million, followed by Bybit and Binance, according to CoinGlass.

Amidst the intense market volatility, some major whales have been selling their BTC and ETH.

SpotOnChain revealed that a BTC OG with over 10,000 BTC deposited almost 396 BTC into Kraken, and another whale sent 10,000 ETH into Binance today, signaling potential upcoming selling.

It is yet to be seen how the market will react on the last day of October and if BTC can still close the month in the green.

So far, BTC is down by 5% this month.

Despite the recent volatility, there are many reasons to stay optimistic.