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Bitcoin, Ethereum options expire: Mixed sentiments as BTC nears ATH


  • Bitcoin options see bullish sentiment, with rising whales hinting at potential gains in November.
  • Ethereum options show indecision as prices hover near lows, contrasting Bitcoin’s strong momentum.

The crypto options expiration, dated the 25th of October, yielded varied results for Bitcoin [BTC] and Ethereum [ETH], according to data from Greeks.live.

The expiration event, involving a combined notional value of $5.28 billion, illustrated different investor behavior for the two leading cryptocurrencies. 

BTC options expiration

On the 25th of October, 63,000 Bitcoin options contracts expired, showcasing a Put-Call Ratio of 0.66, signaling a generally bullish sentiment among traders.

The ratio indicated that the number of call options exceeded put options, suggesting that traders were more inclined toward upward price movements. 

Meanwhile, the Max Pain point, where the most options would expire worthless, was recorded at $64,000.

The total notional value of expired BTC options was $4.26 billion, highlighting significant activity in the market.

Bitcoin traded around $67,000 at the time of expiration, retracing from a recent high of $68,000. Yet, BTC remained close to its all-time high of $70,000. 

Source: X

Bitcoin’s implied volatility (IV) — dated the 8th of November — has stabilized at 55%, indicating a potential opportunity for traders as they anticipated the U.S. elections, which could introduce significant market shifts.

Rise in Bitcoin whales

Supporting the bullish sentiment, recent data from Santiment revealed a rise in the number of Bitcoin whales over the past two weeks.

During this period, 297 new wallets holding at least 100 BTC were added, reflecting a 1.93% increase and bringing the total number of such wallets to 16,338. 

Historically, an increase in large Bitcoin holders often aligns with upward price momentum, suggesting possible further gains for Bitcoin.

Source: X

The increase in whale addresses coincided with Bitcoin’s recent price action, where it briefly surpassed $68,000 before a minor correction back to $67,000. 

This whale accumulation could indicate sustained interest among large investors, potentially supporting Bitcoin’s resilience ahead of anticipated market volatility in November.

ETH options expiration

On the 25th of October, 403,426 Ethereum options contracts expired as well, with a Put-Call Ratio of 0.97, reflecting an almost balanced sentiment between bullish and bearish positions.

The Max Pain point was set at $2,600, indicating where the highest number of options would expire worthless.

The notional value of expired ETH options reached $1.02 billion, emphasizing Ethereum’s significant market presence, though its performance remained more stagnant compared to Bitcoin. 

Source: X


Realistic or not, here’s ETH’s market cap in BTC’s terms


At the press time, Ethereum traded at $2,468, near its Max Pain point, suggesting limited price movement. 

This contrasted with Bitcoin’s stronger price dynamics, as the former’s market behavior showed signs of investor indecision, compounded by challenges related to spot Ethereum ETFs.



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