Bitcoin, Ethereum options worth $3B expire as ETH traders shift defensively toward puts

Roughly $3 billion in Bitcoin and Ethereum options expired on Deribit, and the two assets told very different stories heading into settlement. Bitcoin’s options book stayed firmly tilted toward calls, the optimistic bets. Ethereum’s, meanwhile, drifted toward puts, the kind of contracts you buy when you’re expecting trouble.

The numbers behind the expiry

Bitcoin accounted for the lion’s share of the event, with approximately $2.53 billion in notional value expiring. Ethereum contributed a comparatively modest $406 million to $425 million. Together, the total landed in the $2.9 billion to $3 billion range.

The more revealing metric is the put-to-call ratio. For Bitcoin, it sat at 0.76. A ratio below 1 means there are more call options (bullish bets) than puts (bearish bets) in open interest. Ethereum’s put-to-call ratio hit 0.89, noticeably closer to parity and leaning toward defensive positioning.

Max pain levels were pegged at roughly $75,000 for Bitcoin and around $2,150 for Ethereum. These levels act like gravitational centers in the days surrounding expiry, pulling spot prices toward them as market makers adjust positions.

Why Ethereum traders got nervous

The shift toward puts in Ethereum didn’t happen in a vacuum. According to analysis from Greeks.live and Deribit’s own data, significant demand for downside hedging had built up in the market following a liquidation event that drove Bitcoin prices below $70,000.

What happens after $3B in options settle

Options expiries of this size ripple through the market via a process called gamma hedging. Dealers who sold those options were hedging their exposure by buying or selling the underlying asset. When the options expire, those hedges get unwound, which can create sudden bursts of buying or selling pressure.

The immediate aftermath of this particular expiry appeared relatively muted. Market stabilization following the earlier liquidation event may have dampened the typical post-settlement fireworks.

These large-scale expiries on Deribit have become a regular feature of crypto market calendars. Previous events in December 2025 and January 2026 featured similar notional values in the $2 billion to $3 billion-plus range. Platforms like Deribit, Greeks.live, and Laevitas now provide granular visibility into options flows that tracks these recurring dynamics.

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