Nearly $2.4 billion worth of Bitcoin and Ether options expired on January 9, keeping cryptocurrency markets busy as traders adjusted positions around key psychological price levels. The expiry represents one of the largest options settlements so far in 2026, following another major round earlier in the month, and comes at a time when both assets are attempting to stabilise after recent volatility.
Data shared by market observers shows that close to 21,000 Bitcoin options reached expiry, with a slightly bearish tilt reflected in a put-to-call ratio of 1.07. The maximum pain level for Bitcoin stood at $90,000, a price point around which much of the trading activity clustered. In total, the notional value of the expiring Bitcoin contracts was estimated at roughly $1.9 billion, underlining the scale of positioning involved.
Ether also saw significant activity, with around 126,000 options contracts expiring. These carried a lower put-to-call ratio of 0.88, suggesting a more balanced to mildly bullish outlook among traders. Ether’s maximum pain level was calculated at $3,100, with the total notional value of expiring contracts reaching approximately $390 million. Compared with previous cycles, this accounted for a relatively modest portion of open interest, limiting the immediate market impact.
Price action around the expiry reflected a degree of resilience. Bitcoin, which briefly slipped below $89,500 following year-end settlements, rebounded quickly and was trading above $90,000 shortly after. Ether similarly held firm above the $3,000 mark, signalling that selling pressure had eased. As confidence returned, many traders shifted focus to later-dated positions, with increased interest in Bitcoin call options and Ether puts, pointing to expectations of short-term stability rather than sharp moves.
In the wider options market, Bitcoin continues to attract diverse interest across strike levels. Call options are heavily concentrated at higher prices, particularly around $102,000, while put options are spread across lower ranges between $70,000 and $86,000. Overall open interest remains elevated, with calls outweighing puts and implied volatility hovering around 40 per cent, showing little change since the Christmas period.
Ether’s options market appears even more optimistic. With total contract value exceeding $4.6 billion and a put-to-call ratio of 0.61, sentiment leans clearly bullish. Traders are positioning for potential upside, with notable activity at higher strike prices well above current levels. At the same time, the $3,000 region remains a key support area, anchoring downside expectations. Falling implied volatility suggests calmer conditions compared with the turbulence seen at the end of last year.
Beyond Bitcoin and Ether, options markets are gradually expanding. CME Group has announced enhancements to its Solana and XRP options, offering more flexible strike prices and finer increments. These changes aim to give both institutional and retail traders greater precision in managing risk, signalling a broader maturation of crypto derivatives markets.
