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Over $4 Billion in Bitcoin and Ethereum Options Expires: BTC Reclaims $120,000

Bitcoin BTCUSD has surpassed the $120,000 level for the first time in weeks, but this rally faces an immediate stress test. Today, Friday, October 3rd, over $4.3 billion in Bitcoin and Ethereum options expire.

This adds another layer of uncertainty to the already volatile cryptocurrency markets, marked by sharp reversals and falling volatility.

Over $4 Billion in Bitcoin and Ethereum Options Expires Today: What Should Traders Expect?

According to the data, Bitcoin leads the way with $3.36 billion worth of options contracts. The biggest pain point is identified at $115,000, the level where most options expire worthless and sellers experience the most losses.

The total open interest (OI) for Bitcoin options at this expiration is 27,962 contracts, and the put-to-call ratio (PCR) is 1.13.

This PCR indicates a slight downward trend with more puts (sell options) and calls (call contracts).
For Ethereum, the figures are more modest but still significant. $974.3 million worth of Ethereum options expire today, and 216,210 contracts are open.

The maximum pain level, $4,200, aligns with the $974.3 million notional value, and a PCR of 0.93 suggests more neutral investor sentiment than for Bitcoin.
Traders typically pay the most attention to the pain level, as this is the strike price at which most options contracts become worthless. This level can exert a significant drag on price movement toward expiration.

Bitcoin is currently trading well above this level, at $120,124, and bullish traders may be in a stronger position. However, market makers and options sellers may attempt to push the price down to the $115,000 strike price to offset their positions.

This week's options expiration, in particular, is significantly lower than last week's. This was a marginal difference, as last week's options expiration coincided with the end of the month, when a record $21 billion worth of contracts expired.
Traders Struggle as Ethereum Volatility Declines

The broader market context is adding to the tension. Analysts at an options analytics platform described the current trading environment as characterized by extreme, volatile price action, making profitable trades difficult.

According to analysts, traders are often caught off guard by intraday volatility, with price moves as sudden as 3% and without a clear direction.

This situation leaves many active traders holding positions at break-even or at a loss despite high activity, as the market fluctuates between bullish and bearish setups.

Short-term options, in particular, have created a painful dynamic. Short-term calls were down 80% in the morning, but by early afternoon, they had moved against traders. This volatility has left many struggling to effectively manage risk.
Options trading challenges – volatility fluctuation,” they wrote.

Meanwhile, Ethereum’s options market is exhibiting a completely different pattern. Analysts note that ETH volatility has decreased significantly. While most activity is shifting away from Ethereum, Bitcoin’s dominance in the options market is increasing.

In contrast, many traders are selling ETH puts and BTC 120,000 calls with an October 10 expiration date, taking positions in anticipation of continued sideways movement in the Ethereum price.

This strategy allows them to collect premiums while betting that neither asset will experience a significant breakout in the short term.

While bulls are praising Bitcoin’s return to the $120,000 level as a sign of renewed momentum, the impending expiration could trigger a forced rebalancing and introduce new volatility. The rally could temporarily stall as the price action approaches its most painful levels.

On the other hand, Ethereum remains in a more vulnerable position. While volatility has decreased and traders are turning to Bitcoin, ETH risks remaining on the sidelines unless a new catalyst emerges.