Crypto options expiry hits $2.2B as triple witching roils markets

Bitcoin fell to $62,540 as $8.3 trillion in traditional-market options expired, triggering $500 million in crypto liquidations across top digital assets.

"Skew remains stable but still shows a negative skew, indicating the market remains braced for a downturn," GreeksLive said in a note, pointing to heavy put positioning between $55,000 and $63,000 strike prices.

More than 30,000 Bitcoin options with a notional value of $1.9 billion expired Friday on Deribit, with a put-call ratio of 0.77. Ethereum saw 137,000 contracts worth $233 million roll off, with a put-call ratio of 1.03 signaling bearish expectations. XRP and Solana options added $5.78 million and $12.59 million in notional exposure, respectively.

The quarterly settlement next week carries approximately 15% of open positions, and with Bitcoin trading below its $65,000 max pain price, market makers may drive prices toward that level as they unwind hedges — or accelerate selling if $60,000 support breaks.

$500M in Liquidations Hit Longs Hardest

Long positions bore the brunt of the selloff, with $410 million in long liquidations versus $90 million in shorts over the past 24 hours, Coinglass data shows. More than 122,000 traders were liquidated, with the largest single order — a $10.49 million ETH-USDT position — wiped out on decentralized exchange Aster. Total crypto market liquidations for the week reached $150 billion.

Bitcoin's max pain price sits at $65,000, roughly 4% above the current spot price of $62,540. Deribit data shows heavy put concentration between $55,000 and $63,000, suggesting options traders have positioned for a continued slide. The put-call ratio of 0.77 on Bitcoin options still reflects net bullish sentiment, though the gap between max pain and spot price leaves room for further downside.

Ether and Altcoins Face Pressure

Ethereum's max pain price of $1,725 stands above its current $1,693 level, with put volume exceeding call volume at a ratio of 1.11 over the past 24 hours. Analyst Ted Pillows said Ether is more likely to bottom before Bitcoin because most downside liquidity has already been taken out, predicting a sweep of the $1,300-$1,400 zone.

XRP traded at $1.13 after touching a low of $1.12, with $5.78 million in options expiring at a put-call ratio of 1.07. Solana fell 4% to $68.61, with trading volume dropping 11% in the past 24 hours as interest waned. The CME Group sued the CFTC after Kalshi launched perpetual futures on Bitcoin, Ether, XRP and HYPE, adding regulatory uncertainty to the derivatives landscape.

The next key test for Bitcoin comes at the quarterly settlement next week, when roughly 15% of open positions expire. A break below $60,000 could accelerate selling toward the $55,000 put wall, while a recovery above $65,000 would invalidate the bearish options skew.

This article is for informational purposes only and does not constitute investment advice.