Bitcoin is under pressure as around 44,000 BTC options contracts, worth an estimated 4.8 billion dollars, expire today. The event is part of the regular Friday expiry cycle and arrives during a broader market correction that has affected both Bitcoin and Ethereum.
At the time of writing, Bitcoin is trading near 105,000 dollars, down about 4 percent over the past day and around 12 percent this week, according to CoinGecko data.
Options Expiry Tests Market Sentiment
Data from Coinglass shows a put-to-call ratio of 0.83 for this week’s expiry, suggesting a slightly bearish tone as more long positions are being closed than short ones. The maximum pain point, or the level where the most losses are likely, stands near 116,000 dollars.
Open interest remains heavy at higher strike prices, with 140,000 dollars showing 2.2 billion dollars in open contracts, followed by 125,000 and 120,000 dollars. On the bearish side, traders are focusing on lower strike prices such as 110,000, 108,000, and 95,000 dollars, each with more than 1.3 billion dollars in open interest.
Crypto derivatives platform Greeks Live noted that 1.15 billion dollars, or about 28 percent of all options volume, has been directed toward out-of-the-money puts expiring this week and later in the month. It said,
“Traders remain cautiously bearish with expectations of further downside, though some see possible bounces near lower support levels.”
Ethereum Contracts Add to Expiry Pressure
Alongside Bitcoin, roughly 251,000 Ethereum options contracts are also expiring today with a combined notional value of 985 million dollars. The maximum pain level for ETH sits at 4,100 dollars, while the put-to-call ratio of 0.81 suggests a similar sentiment among traders.
Total open interest for Ethereum options stands near 15.4 billion dollars. Together, today’s Bitcoin and Ethereum expiries amount to about 5.7 billion dollars in total notional value across global exchanges.
Trading Activity Climbs as Prices Drop
Bitcoin’s trading volume has surged to its highest level since March. Data from analyst Arab Chain shows a seven-day moving average of about 3.68 billion dollars on Binance. This rise in activity points to increased participation from large traders, even as the price continues to decline.
Earlier this month, Bitcoin dropped from 122,000 to around 105,000 dollars following renewed tariff tensions between the United States and China. The move triggered widespread liquidations, with nearly 2.3 billion dollars in leveraged positions closed, according to market technician Carmelo Alemán.
Gold Draws Capital as Crypto Weakens
Gold continues to attract investors during the current correction. Economist Peter Schiff described Bitcoin’s decline as a “warning” and argued that gold remains the stronger asset.
Market analysts at CryptoQuant observed persistent selling from Binance, noting several consecutive days of negative funding rates. However, the Coinbase Premium Index remains positive, suggesting that demand from United States buyers has stayed firm.
Despite near-term weakness, analysts continue to watch the 100,000 to 107,000 dollar range as the main support area. Some expect seasonal strength to return in the latter half of October, following historical patterns where Bitcoin has often recovered during the final weeks of the month.
