🚀 $2.4B Crypto Options Expire: Chaos or Cash? 🤑

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The Universe’s Most Important Highlights (Probably)

  • Over $2.4 billion in BTC and ETH options just expired, because nothing says “fun” like watching numbers disappear into the void. 🕳️ Traders are huddled around the $90K and $3K price levels like they’re waiting for a bus that may never come.
  • Bitcoin and Ether bounced back from their recent nosedives, proving once again that crypto is less a financial market and more a rollercoaster designed by a sadist. 🎢
  • CME decided to upgrade Solana and XRP options, giving traders more precise strike choices. Because what the world really needed was more ways to lose money. 📉

So, here we are, another day in the crypto circus, where $2.4 billion worth of options just vanished into the ether (no pun intended). This marks yet another major expiration in 2026, because apparently, the universe enjoys watching us squirm. Earlier this year, $2.2 billion of contracts expired on January 2, and somehow, we’re all still here. 🤷‍♂️

According to Greeks.live, a trader who probably knows more about options than you do about your own life, nearly 21,000 BTC options expired with a put-call ratio of 1.07. This means there’s slightly more bearish sentiment than a room full of teenagers on a Monday morning. The maximum pain point for Bitcoin is $90,000, which sounds like a bad breakup but is actually just the notional value of the expired contracts at $1.9 billion. 💔

For Ether, 126,000 options expired with a put-to-call ratio of 0.88, a pain point of $3,100, and a total notional value of $390 million. This is roughly 7% of the open interest, which is like realizing you only lost 7% of your soul to the void. Moderate market impact, they say. Sure, Jan. 🙄

January 9 Options Expiration Data
21,000 BTC options expired with a Put-Call Ratio of 1.07, maximum pain point at $90,000, and notional value of $1.9 billion.
126,000 ETH options expired with a Put-Call Ratio of 0.88, maximum pain point at $3,100, and notional value of $390…

– Greeks.live (@GreeksLive) January 9, 2026

Bitcoin and Ether have bounced back after last week’s dramatic drops, which were apparently caused by the year-end settlements. Bitcoin briefly dipped below $89,500 on Thursday but recovered to around $90,681, because it’s not a party until someone almost loses their shirt. Ether, meanwhile, has stayed above $3,000, trading at $3,116 as of writing. Stability? In my crypto market? It’s more likely than you think. 🌈

With selling pressure slowing down, traders are feeling as confident as a cat on a hot tin roof. Many are now placing bets on month-end options, mostly Bitcoin calls and Ether puts, because they’re convinced prices will stay as stable as a Jenga tower in an earthquake. 🧱

Bitcoin Options: A Tale of Two Strikes

Over on Deribit, there’s substantial trading activity on Bitcoin strike levels. Call options are concentrated at higher levels, with the maximum open interest at $102,000. Puts, on the other hand, are hanging out between $70,000 and $86,000, probably exchanging stories about how they’ve been burned before. 🔥 The current open interest is 291,320 contracts, with calls at 166,231 and puts at 125,088. The put-to-call ratio is 0.75, meaning there’s more interest in calls than in a free buffet. BTC implied volatility is at 40%, which is about as exciting as watching paint dry.

Ether Options: Bullish Bets and Block Trades

Ether’s options market is leaning bullish, like a cow on a hill. There are about 1.5 million contracts in total, with roughly 935,000 calls and 570,000 puts. The total value? A cool $4.64 billion. The put-call ratio of 0.61 suggests traders are as optimistic as a puppy with a new toy. Most call activity is around $5,500 and $6,500, because apparently, everyone’s expecting Ether to moon. 🚀

Interestingly, there’s significant interest around $3,000 due to downside support. ETH implied volatility has dropped to 55%, which is less turbulent than a Sunday afternoon nap. And get this: block trades make up over 70% of market activity, proving that big players are still very much in the game. 🎮

CME: Making Options More Flexible Than a Yoga Instructor

While Bitcoin and Ether hog the spotlight, other altcoins are finally getting their moment. CME Group is upgrading Solana and XRP options starting March 2, because why not? Traders will get more strike price choices and smaller price steps, making it easier to lose money with precision. Both standard and micro options will have wider strike ranges earlier on, with tighter increments as contracts near expiration. For XRP, strike spacing tightens 60 days before expiry, and Solana options narrow to $0.50 increments near expiration. Because who doesn’t love a good micromanagement session? 📏

In the end, CME is just trying to support detailed trading strategies for both retail and institutional investors. Because what the world really needs is more ways to overthink their financial decisions. 🧠

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2026-01-09 14:38