A significant weekly options expiry worth $2.22 billion in underlying value is scheduled for settlement on the Deribit trading platform at 08:00 UTC on January 9, 2026. This event is poised to trigger short-term market volatility as traders adjust their positions. Deribit, which controls an estimated 85-90% of the global crypto options market, is the central venue for this activity.
The vast majority of the expiring contracts, approximately $1.84 billion, are tied to Bitcoin (BTC). Market data reveals a tense standoff between bullish and bearish traders. The put/call ratio for Bitcoin currently stands at 1.05, indicating a slight tilt towards bearish bets or hedging activity. This sentiment shift is attributed to Bitcoin's recent failure to maintain its position above the key $95,000 level, with the cryptocurrency confirming that a New Year's rally to around $94,500 was a "bull trap."
A critical focal point is the "max pain" price, which is identified at $90,000. This is the price at which the maximum number of options contracts would expire worthless, representing an optimal outcome for market makers. Current open interest shows a concentration of positions that "bracket" the spot price. There is a significant wall of put options providing protection against a drop below $85,000, while a heavy concentration of call options bets on a breakout above $90,000, extending up to $100,000.
In contrast to Bitcoin, Ethereum (ETH) options show a different sentiment, with a put/call ratio below 1.0. This indicates that traders are more aggressively betting on upside potential for ETH rather than purchasing downside protection. Bitcoin's price action remains confined to a sideways range, bounded by resistance near $92,000 and support at $85,000. The impending massive options expiry is widely expected to inject significant volatility and potentially dictate the asset's near-term direction.
