Key facts
- Over $2.2 billion in Bitcoin, Ethereum, XRP, and Solana options are expiring.
- The crypto market saw $500 million in liquidations in the last 24 hours.
- Bitcoin options expiring have a notional value of $1.9 billion.
- Ethereum options expiring have a notional value of $233 million.
- XRP options expiring have a notional value of $5.78 million.
- Solana options expiring have a notional value of $12.59 million.
The cryptocurrency market is experiencing heightened volatility and significant liquidations as traders brace for a major options expiry event. Over $2.2 billion in Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) options are set to expire, following a massive $8.3 trillion 'triple witching' event in traditional markets.
Data from Coinglass indicates that the crypto market saw $500 million in total liquidations across major assets in the past 24 hours, with nearly $410 million from long positions and $90 million from short positions. This surge in liquidations, affecting over 122,000 traders, contributes to a broader market downturn, with over $150 billion liquidated this week.
Deribit data shows that over 30,000 Bitcoin options with a notional value of $1.9 billion are expiring. The max pain price for Bitcoin is $65,000, significantly above the current market price of $62,540. The put-call ratio of 0.77 suggests a generally bullish sentiment, though a negative skew reported by GreeksLive indicates market anticipation of a downturn.
For Ethereum, over 137,000 options with a notional value of $233 million are expiring. The put-call ratio stands at 1.03, indicating a slightly bearish sentiment, with a max pain price of $1,725, higher than the current market price of $1,693. Analyst Ted Pillows suggests Ethereum may bottom before Bitcoin.
XRP and Solana also face risks, with $5.78 million and $12.59 million in options expiring respectively. XRP has a put-call ratio of 1.07 and a max pain price of $1.14, while Solana's ratio is 0.86 with a max pain price of $70. Both assets are experiencing price drops and low trading volumes amid market uncertainty.