Bitcoin Options Expiration on October 2 to Have $2.95 Billion Impact

The impending expiration of Bitcoin (BTC) and Ether (ETH) options on October 2 has significant implications for the cryptocurrency markets. With a combined notional value of $2.95 billion, this event is the first weekly settlement day after the quarterly settlement.

Bitcoin options make up the majority of the total, with a value of $2.63 billion and 30,500 contracts expiring. The put-call ratio for Bitcoin stands at 1.07, indicating that there are more call options than put options, while the maximum pain level is set at $82,000.

Ether options account for $320 million across 116,000 contracts, with a put-call ratio of 1.17 and a maximum pain level of $2,660. The price of Bitcoin has been fluctuating around $85,000 for over a week, which may be contributing to the large call-option trades that have been active.

Implied volatility across major maturities has fallen from the previous week but increased from two weeks ago, reaching a low for the current bull market. Meanwhile, monthly realized volatility moved similarly, while volatility risk premiums across major maturities declined.