$23 billion! The crypto market is set to face the largest options expiration in history, with Bitcoin and Ethereum key levels under pressure.

On September 26, 2025, the crypto market will witness the largest options expiration event in history, totaling 23 billion USD, putting pressure on the prices of Bitcoin, Ethereum, and mainstream alts to fall. The notional value of Bitcoin options reaches as high as 17 billion USD, while the scale of Ethereum options exceeds 5.3 billion USD. Market sentiment is bearish, with funds betting on further dips in prices. Influenced by rising U.S. Treasury yields and the strengthening of the dollar and gold, Bitcoin's trend has diverged from traditional safe-haven assets. Analysts point out that a temporary bottom may appear this week, but short-term volatility is expected to increase sharply.

Bitcoin Options Expiration Size Hits Record

Deribit platform data shows that this Friday, over 152,000 Bitcoin Options will expire, with a notional value of approximately $17.07 billion, setting a new historical high. The current put-call ratio is 0.75, indicating a slightly bearish market.

The maximum pain price is at 110,000 USD, below the current spot price of 111,970 USD. A large number of short positions are concentrated in the 95,000-110,000 USD range, suggesting that some traders are betting on a deep pullback for Bitcoin.

GreeksLive analyst Adam stated that some investors have positioned themselves by selling put Options, trying to bet on a market rebound near $108,000-$110,000. However, the rise in implied Fluctuation also reflects investors' concerns about severe volatility.

Ethereum under pressure, 4000 dollars may be difficult to hold

Similar to Bitcoin, Ethereum is also set to face a large-scale Options expiration, involving over 1.32 million contracts with a notional value of approximately 5.33 billion USD. The current put-call ratio is 0.76, indicating a slightly bearish market expectation.

The maximum pain point is at $3,700, while the current Ethereum price is reported at $4,018, close to the key support level of $4,000. Market data shows that put options with a strike price of $4,000 are highly concentrated, and if this level is broken, it may trigger further selling pressure.

Deribit analysis points out that although trading volume may still support a rebound, under the backdrop of uncertainty in the macro environment, any external shocks could exacerbate downward pressure. Some short-term traders profit by selling short-term put Options, but overall volatility remains sticky, limiting the upside potential.

XRP and Solana Options Expiration Situation

Over 28,000 options for XRP will expire this week, with a total scale of approximately 83 million USD, and the put-call ratio is only 0.24, indicating a bullish market sentiment. The maximum pain point price is 2.80 USD, but some funds are betting that the price will challenge 3.00, 3.10, and 4.20 USD. Currently, XRP is quoted at 2.85 USD, and whale funds are trying to hold the key support. The trading volume has increased by 22% in the past 24 hours, indicating active participation from traders.

Solana has over 105,000 Options expiring this week, with a scale of approximately 217 million dollars, and a put-call ratio of 0.56. The maximum pain point price is 195 dollars, and the market is focused on the 210-230 dollar range. In the past 24 hours, SOL has fallen about 2%, with trading volume shrinking by 8%, indicating insufficient market interest, and it may maintain a fluctuating pattern in the short term.

Macroeconomic factors intensify market selling pressure

Apart from the expiration of Options, the macro market environment is also putting pressure on crypto assets. The long-term yield of U.S. Treasuries continues to rise, and the strength of the dollar and gold prices has weakened Bitcoin's safe-haven attributes. It is noteworthy that the trend of gold is more correlated with global M2 money supply, while Bitcoin has recently shown divergence, highlighting its market sentiment-driven characteristics.

Analysts believe that this options expiration may become a short-term turning point for the market. If Bitcoin can stabilize in the range of 108,000-110,000 USD, it may accumulate strength for a rebound in the fourth quarter; however, if it falls below 108,000 USD, it could trigger a deeper round of correction.

Conclusion

The largest Options expiration in history undoubtedly becomes the biggest uncertainty factor for the short-term market. Bitcoin and Ethereum face critical price level tests, and market fluctuations may further intensify. Investors need to closely monitor whether prices can stabilize within the maximum pain zone, as well as the external pressures brought by the macro environment. Disclaimer: This article is for informational purposes only and does not constitute any investment advice. The crypto market is highly volatile, and investors should make careful decisions.