Bitcoin Faces Record-High Options Expiry as $28.5B in BTC/ETH Contracts Set to Expire

Today, a significant Bitcoin options expiry is in view, with roughly 300,000 BTC across contracts, representing a notional value near $23.7 billion. When combined with BTC and ETH options, the total exposure tops $28.5 billion, marking a notable liquidity milestone for the crypto derivatives market.

Market observers caution that expiry-driven dynamics can elevate short-term volatility, though outcomes are not uniform. Some participants anticipate accelerated price action around settlement, while others emphasize risk management and hedging effects that may dampen abrupt moves, depending on positioning and liquidity conditions.

Traders will scrutinize open interest and liquidity shifts as settlement approaches, with Bitcoin option activity informing near-term risk sentiment. The session offers a lens into broader crypto market dynamics and potential spillovers into spot liquidity.