Bitcoin Surge Drives $2.19B in Options Expiry as Bulls Eye $105K

Many Bitcoin options contracts expired today, with a total of 22,000 BTC options reaching their expiry amid the latest successful attempt at the $100K price mark.

The expired contracts have a Put-Call Ratio of 0.95, reflecting a balanced sentiment between bearish and bullish positions. The Max Pain Point—the price at which the most options expire worthless—was recorded at $96,000. Meanwhile, the notional value of these contracts totaled $2.19 billion.

$2.19B Expiry Amid Bitcoin $100K Rally

Notably, the options expiry comes after a strong Bitcoin rally in the spot market that saw BTC surge above $100,000 again. This move shook off the subdued market sentiment of the weekend, injecting new energy into the broader crypto market.

At press time, Bitcoin is trading at $101,740, posting a gain of 2.73% over the past 24 hours, elevating its weekly performance to an 8% uptick. Notably, this latest turnaround comes just four days after Bitcoin’s price dropped to $89,260, a level not seen since November 2024.

However, a swift and decisive rebound followed, as market participants found the dip price a favorable entry. With Bitcoin maintaining its footing above $100K, bulls are anticipating further price moves, especially as pro-Bitcoin Donald Trump prepares to take office next week.

Ethereum Options Data

Meanwhile, the Ethereum options market also saw a large number of expirations today, January 17, with 182,000 ETH options expiring.

For these contracts, the Put-Call Ratio was notably more bullish, at 0.36, suggesting a stronger preference for call options. The Max Pain Point for Ethereum was $3,250, with the notional value of these contracts amounting to $610 million.

Market Sentiment as Bitcoin Bulls Target $105K

Commenting on the latest expiry data for Bitcoin and Ethereum, market resource Greeks.Live noted that despite the positive price movement in Bitcoin, other market segments remain weak.

It pointed out that much of the market’s attention continues to focus on BTC, leaving altcoins less prominent in comparison.

For context, Ethereum is up by 0.5% today, compared to a 3% gain for Bitcoin. Moreover, Ethereum’s price at $3,378 is trading with only 2.5% weekly gains compared to Bitcoin’s 8%. A similar trend is observable with other prominent altcoins like BNB.

Nonetheless, Greeks.Live noted that the rise in Bitcoin’s price has helped boost short-term implied volatilities (IVs), signaling increased market expectations of future volatility.

It also pointed out that long positions in BTC have gained strength, with traders targeting a potential $105,000 price point in the near term. Notably, since reclaiming the $100K mark, Bitcoin has rallied to $102,037.

Overall, market participants are closely watching whether Trump will implement policies favorable to cryptocurrencies to drive further bullish momentum when he officially takes office next week.