Quick Breakdown
- $2.4B in crypto options expired on January 9, with BTC and ETH seeing minor market impact.
- BTC holds $90,000 and ETH $3,000 as key support levels, easing downward pressure.
- Block trading surged, highlighting institutional and retail traders’ strategic positioning.
On January 9, crypto markets witnessed a moderate options expiration, with roughly $2.4 billion in contracts expiring, representing just 7% of total open interest.
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
Minor expiration amid market stabilization
Among these, 21,000 Bitcoin (BTC) options expired with a put-call ratio of 1.07, a maximum pain point at $90,000, and a notional value of $1.9 billion. Ethereum (ETH) saw 126,000 options expire, with a put-call ratio of 0.88, a maximum pain point at $3,100, and a notional value of $390 million.
The post-annual settlement rebound experienced a slight pullback this week, but the downward pressure on BTC and ETH prices has eased. Analysts note that the psychological levels of $90,000 for Bitcoin and $3,000 for Ethereum are holding as strong support. Following sharp declines in Q4 2025, market sentiment is gradually improving, signalling renewed confidence among traders.
Options metrics and trading activity
Key metrics indicate that BTC implied volatility (IV) remains stable relative to pre-Christmas levels, averaging around 40%, while ETH IV has declined to approximately 55%. The current data suggests reduced uncertainty for BTC and a moderation in ETH price swings.
Options block trading activity remained elevated, driven by fresh position-building. Block trades accounted for over 70% of total volume, marking the highest activity level in recent months. Market makers and active traders are holding substantial cash reserves, positioning strategically for month-end BTC call options and ETH put options. This concentrated trading suggests heightened engagement from institutional participants and seasoned retail traders anticipating near-term price movements.
Overall, the options expiration and trading metrics point to a stabilization in the crypto market, with sentiment improving and support levels for major tokens reinforcing investor confidence.
Despite steady prices, on-chain metrics hint at potential vulnerabilities. The Inter-Exchange Flow Pulse (IFP), which monitors BTC movement between exchanges, recently turned red, indicating a slowdown in capital circulation and highlighting latent risks beneath the surface.
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