$2.2B Crypto Options Expiry: Will Volatility Hit as 2026 Starts?

Over $2.2B in Bitcoin and Ethereum options expire today, with both assets trading near key levels. The event compresses volatility and trading volumes, and traders are watching for post-settlement market moves as 2026 begins.

Over $2.2 billion in Bitcoin and Ethereum options are expiring today, marking a significant event for the cryptocurrency derivatives market as 2026 begins. Bitcoin options account for approximately $1.87 billion, with the asset trading near $88,972, just above the max pain level of $88,000. The put-to-call ratio for Bitcoin stands at 0.48, indicating a bullish market sentiment. Ethereum options total around $395.7 million, with ETH trading at $3,023, slightly above its max pain level of $2,950 and a put-to-call ratio of 0.62, reflecting cautious optimism. The expiry has led to compressed volatility and reduced trading volumes, with Bitcoin trading in a narrow range between $87,000 and $89,000. Technical analysis suggests sideways movement, with support at $86,000–$87,500 and resistance at $89,500–$91,000. The event is closely watched by traders for potential post-settlement volatility and as an early indicator for the quarter ahead.