On January 9, crypto markets saw roughly $2.4 billion in Bitcoin and Ethereum options expire, representing about 7% of total open interest. Greeks reported that 21,000 Bitcoin options worth $1.9 billion expired, while 126,000 Ethereum contracts represented another $390 million.
The Bitcoin contracts had a put-call ratio of 1.07 and a maximum pain level of $90,000. Ethereum’s ratio was 0.88, with maximum pain at $3,100. BTC implied volatility was around 40%, while ETH volatility stood near 55%.
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… pic.twitter.com/BIjcLitJh4— Greeks.live (@GreeksLive) January 9, 2026
Options Expiry Eased Short-Term Market Pressure
The relatively small size of the January expiry meant it was unlikely to cause a major market move on its own. Bitcoin was holding around $90,000, while Ethereum was finding support near $3,000 after a difficult period for the market.
Trading activity around the expiry also showed that market participants were actively adjusting positions. Block trades accounted for more than 70% of total volume in the data cited by the original report.
That activity, however, should not automatically be read as a bullish signal. Options are used for hedging and risk management as well as bets on future prices. A high level of block trading can therefore reflect different strategies among market makers and larger traders.
The original report also pointed to the Inter-Exchange Flow Pulse (IFP), which had turned red. The CryptoQuant analysis cited by DeFi Planet suggested that weaker capital movement between exchanges could remain a risk even while prices appeared stable.
This made the January expiry more useful as a sign of reduced immediate pressure than as proof of a broader market recovery.
Also Read: What Is Theta Decay in Bitcoin Options and Why Does It Eat Into Your Profits?
Derivatives Activity Remains Important
The market has since moved through several larger options expiries, making the January event look relatively small in comparison. Deribit continues to list daily, weekly, monthly and quarterly BTC and ETH options, with quarterly contracts expiring at the end of March, June, September and December.
Greeks.live’s derivatives dashboard showed active BTC and ETH options positioning across the September contracts, including data on implied volatility, open interest, option flows and maximum-pain levels.
Derivatives conditions have not remained as calm as the January report suggested. Deribit’s September market data shows that options remain a substantial part of crypto trading, while its August figures recorded more than $56 billion in BTC options turnover and more than $7 billion in ETH options turnover for the month.
That makes options positioning an important part of the market story. The January expiry may have helped remove some short-term pressure, but it did not by itself establish a lasting change in sentiment.
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