Key Points
- Over $2.2 billion in crypto options expire as markets decline ahead of January 9 settlement.
- Bitcoin and Ethereum trade lower amid ETF outflows and elevated liquidation activity.
On January 8, Deribit released options expiry data during a market downturn, with the total crypto market falling over 2.6% in 24 hours.
The combined crypto market capitalization stood above $3.07 trillion during the latest trading session.
Deribit crypto options expiry
Deribit reported that more than $2.22 billion in Bitcoin and Ethereum options are set to expire on January 9 at 08:00 UTC.
Around $1.84 billion in Bitcoin options will expire with a put/call ratio of 1.05 and a max pain level at $90,000.
Ethereum options totaling about $384 million are scheduled for expiry, showing a put/call ratio of 0.89 and a max pain point near $3,100.
If spot prices remain above these max pain levels, market makers may adjust hedging activity in response to potential upside movements.
Market price action and flows
At the time of reporting, Bitcoin traded above $89,900, reflecting a decline of more than 2% over the previous 24 hours.
The price retreated from levels above $92,000 seen on January 7, coinciding with continued volatility across the market.
U.S.-based spot Bitcoin ETFs recorded a second consecutive day of net outflows exceeding $486 million, led by Fidelity’s FBTC.
Ethereum traded above $3,090, down over 3.5% in the same period, underperforming Bitcoin.
The asset declined from levels above $3,222 on January 7, alongside the first daily net outflows from spot Ethereum ETFs totaling roughly $98.4 million.
Across the broader market, crypto liquidations exceeded $477 million in 24 hours, with long positions accounting for the majority of losses.
Bitcoin liquidations surpassed $135 million, while Ethereum saw approximately $117.8 million, according to aggregated derivatives data.
Institutional activity in the sector continues to evolve, with recent ETF applications and regulatory discussions shaping expectations for broader market structure changes.
