Crypto Market Braces for $10.4 Billion Options Expiry

The market is bracing for today's massive options expiry, with over $10.4 billion in crypto contracts set to clear.

BTC and ETH are trading near their respective max pain levels of $64,000 and $1,850, as investors manage delta exposure ahead of settlement.

The largest single-day options expiry in recent months is clearing today, with 149,000 BTC options expiring at a put/call ratio of 0.28, and 435,000 ETH options expiring at a put/call ratio of 0.63.

Dealer rehedging and a reset in open interest are expected to spark a fresh directional move or leave prices drifting in thin liquidity.