A massive $15 billion cryptocurrency options expiry is set for August 29, 2025, with $11.7 billion in Bitcoin (BTC) contracts and $3.2 billion in Ethereum (ETH) contracts expiring. This event is significantly larger than usual due to it being the end of the month, raising expectations of increased volatility in spot markets.
For Bitcoin, 103,000 contracts are expiring with a put/call ratio of 0.79, indicating more long (call) contracts than short (puts), reflecting returning bullish momentum. The max pain point—where most losses occur—is $116,000. Open interest is highest at the $140,000 strike price, surging to over $2.8 billion on Deribit, with additional significant clusters at $120,000 and $130,000. Short sellers remain active at $110,000 and $95,000 strikes.
Ethereum sees 697,000 contracts expiring with a put/call ratio of 0.76 and a max pain point of $3,800. ETH has gained over 26% in the past week and 50% in the last month, though overbought indicators suggest potential corrections. Market makers are positioning prices near these key levels, historically causing assets to converge toward max pain at expiry.
Traders are closely watching key resistance at BTC $112,000 and the impact of Nvidia earnings on crypto volatility. Total Bitcoin futures open interest stands at $81 billion, down from recent record highs. The broader crypto market cap has dipped to $3.95 trillion, with BTC trading at $111,300 (down 10% from its all-time high) and ETH at $4,475, down 1% on the day. Altcoins showed mixed performance.