Data from Greeks.live shows that crypto options with a combined notional value of approximately $1.89 billion expired this week. The expiration included 25,600 Bitcoin options contracts, carrying a notional value of $1.62 billion, a Put Call Ratio of 0.56, and a max pain level at $70,500. Additionally, 155,000 Ethereum options expired, with a notional value of $270 million, a Put Call Ratio of 0.92, and a max pain price of $2,000.
Bitcoin experienced a steep sell-off during the week, at one point sliding near the $60,000 mark. The rapid decline pushed both Bitcoin and Ethereum well below their respective max pain strikes, rendering that support level completely ineffective. Typically, the max pain point—the price at which option sellers profit most—exerts a gravitational pull on the spot price leading up to expiration. However, this week’s intense selling pressure overwhelmed any such convergence effect, highlighting the dominance of bearish sentiment in the short term.
The already subdued interest in the crypto market was further dampened by the adverse price action. Only about 6% of outstanding options contracts actually reached settlement, a strikingly low figure that underscored the lack of participation. Meanwhile, market attention pivoted strongly toward U.S. equity markets, which drew away both capital and speculative focus. This shift deepened the liquidity squeeze on digital assets and added to the downward momentum, leaving bullish sentiment severely undermined.