A combined $2.13 billion in Bitcoin and Ether options notional value expired on Friday, revealing starkly different trader positioning between the two largest crypto assets. Approximately 31,000 BTC contracts and 135,000 ETH contracts reached maturity, with Bitcoin’s put-call ratio at 0.70 and Ether’s at 1.29, according to WuBlockchain.
Bitcoin’s call-heavy expiry indicated a preference for upside exposure, while Ether’s put-call ratio above 1.0 pointed to heightened hedging or outright bearish sentiment. Max pain for Bitcoin was $61,000, and for Ether $1,650 — levels where most options would expire worthless, often acting as price magnets during settlement.
The divergence reflects broader market dynamics. Bitcoin has increasingly absorbed institutional flows, with open interest on Deribit and CME reflecting macro hedging rather than pure speculation. Ether faces a more complex narrative, including staking yields, Layer-2 fee pressures, and debates over its monetary premium.
Against this backdrop, Bitcoin briefly reclaimed $62,000 while Ether traded near $1,702 after a 4.2% daily gain. A short squeeze pushed bearish traders to $281 million in liquidations across exchanges, compared to $159 million for longs. The largest single liquidation was an $18.2 million Ether position on Hyperliquid. The expiry reset dealer gamma exposure, freeing up directional bets for the following week, though traders remained cautious ahead of a US long weekend and record monthly outflows from spot Bitcoin ETFs.
