The crypto market is bracing for a major options expiry event, with more than $4 billion worth of Bitcoin (BTC) and Ethereum (ETH) contracts set to expire on Deribit following the release of U.S. CPI inflation data. Traders are closely watching price action, with many betting on potential declines.
According to Deribit, around 28,000 BTC options valued at $3.22 billion will expire on September 12. The put-call ratio stands at 1.23, suggesting bearish sentiment as more traders bet against Bitcoin despite its recent rebound above $114,000. Current data shows a put volume of 14,972 versus a call volume of 14,040, giving a ratio of 1.06. The max pain price for Bitcoin sits at $112,000, with heavy put positions between $100,000 and $108,000. This indicates some traders may try to push BTC closer to those levels.
For Ethereum, over 185,000 ETH options worth $820 million are also due to expire. The put-call ratio is 0.97, reflecting cautious market sentiment. In the last 24 hours, the ratio spiked to 1.50 as put volumes (106,987) outpaced calls (71,691). The max pain price is positioned at $4,400, slightly under ETH’s current price of $4,430. With larger call option bets concentrated at this strike level, analysts expect downward pressure as call buyers look to minimize their exposure.
Despite the options market showing hesitation, both BTC and ETH prices have been trending upward. Bitcoin is trading near $114,000 after soft PPI data, while Ethereum gained over 2% with increased volume. Analysts point to ETF inflows, looming Federal Reserve rate cuts, and bullish chart patterns as possible drivers for further rallies in the weeks ahead. Still, volatility metrics are softening, with Greekslive noting a dip in implied volatility and balanced trade flows for the month.
The expiry event could trigger short-term price swings, but overall institutional demand and macroeconomic factors continue to play a major role in shaping Bitcoin and Ethereum’s long-term trajectory.
