Key Points
- Over $9.5 billion in Bitcoin and Ethereum options are set to expire amid market volatility.
- BTC and ETH prices declined as macro uncertainty and mixed ETF flows persisted.
On January 29, Deribit published options expiry data for Bitcoin and Ethereum as the broader crypto market recorded daily losses of over 1%.
Total crypto market capitalization stood above $2.98 trillion during a period of elevated price fluctuations.
Options expiry and market positioning
More than $9.5 billion in combined BTC and ETH options are scheduled to expire on January 30 at 08:00 UTC, according to Deribit data.
Bitcoin options account for approximately $8.27 billion, with a Put/Call ratio of 0.54 and a Max Pain level near $90,000.
Ethereum options represent around $1.27 billion, with a Put/Call ratio of 0.74 and a Max Pain level of $3,100.
As of January 29, both assets were trading below their respective Max Pain points ahead of the expiry event.
Price movements and macro context
At the time of reporting, BTC was trading above $87,800, reflecting a decline of more than 1% over the previous 24 hours.
The asset reversed from levels above $90,000 on January 28, coinciding with broader market caution.
During the latest FOMC meeting, the US Federal Reserve maintained interest rates, citing solid economic expansion alongside elevated uncertainty.
Institutional demand for BTC remained subdued, with US-based Bitcoin ETFs recording outflows exceeding $19.6 million on January 28, following heavier outflows the prior day.
Ether was trading above $2,900, marking a decline of over 2% in 24 hours and underperforming Bitcoin during the same period.
In contrast to BTC products, US-based Ethereum ETFs posted inflows of more than $28 million on January 28 after a day of outflows.
Market participants continued monitoring derivatives positioning, ETF flows, and macroeconomic signals amid ongoing volatility.
