On Friday, September 19, 2025, a significant crypto options expiry event occurred with a combined notional value of $4.3 billion. This included approximately 30,000 Bitcoin (BTC) options contracts valued at $3.5 billion and around 177,500 Ethereum (ETH) options contracts valued at $815 million.
Bitcoin options showed a put/call ratio of 1.23, indicating more bearish sentiment with a higher volume of put (sell) contracts than calls (buys). The maximum pain point—where most options would expire worthless—was $114,000 for BTC. Meanwhile, Ethereum options had a nearly balanced put/call ratio of 0.99, with a maximum pain point at $4,500.
Analysts from Greeks Live noted that implied volatility had risen ahead of the expiry, while actual trading volume declined, signaling market caution. Despite the potential for short-term price swings toward the max pain levels, the impact was expected to be transient, similar to the previous week's expiry event. Markets were anticipated to stabilize quickly as traders adjusted to the new environment.
Notably, Bitcoin futures open interest reached $86 billion, nearing all-time highs, while attention now turns to the historic $18 billion Bitcoin options expiry scheduled for September 26.
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