On January 9, nearly $2.4 billion worth of Bitcoin and Ethereum options expired, exerting clear pressure on short-term prices. According to Greeks.live on-chain data, about 21,000 Bitcoin options expired with a Put/Call Ratio of 1.07, indicating slight bearish sentiment. The max pain point for BTC stood at $90,000, representing $1.9 billion in notional value. For Ethereum, 126,000 options expired with a Put/Call Ratio of 0.88 and a max pain of $3,100, valued at $390 million.
Although this expiry accounted for only 7% of total open interest, it explains why recent BTC and ETH price action felt calm — market makers tend to pin prices near max pain before expiration. With the event now behind, hedging pressure from derivatives is easing, which may allow clearer trends to emerge.
Bitcoin: $90K as the Bull-Bear Line
Bitcoin is currently trading at $90,005, with 24-hour volume down nearly 9% to $39.3 billion. The 2-hour RSI sits near 40 (approaching oversold), while the MACD is bearish but flattening, signaling weak momentum but no panic. If $90,000 breaks down, next supports are $88,800 and $87,500. If buyers defend this level, a bounce toward $91,800–$92,500 is possible, with a potential push to $95,000 later.
Ethereum: Holding Better Than Bitcoin
Ethereum is trading at $3,093, with volume down 11% to $21.23 billion. Its RSI is higher than BTC’s, and the MACD shows selling pressure fading. The max pain of $3,100 acts as a gravitational zone. Staying above $3,100 could open a move to $3,180–$3,250; a drop below $3,050 risks a retest of $3,000. Short-term outlook is neutral-to-bullish.
Analyst Crypto Tice noted on X that the $2.22 billion options expiry may trigger volatility, but after expiration, reduced hedging allows clearer direction. He believes that as long as key supports hold, both assets have recovery potential.
The current phase is consolidation, not collapse. The next move depends on volume and support levels. Short-term volatility may rise, but long-term sentiment remains constructive.