In total, 19,364 Bitcoin options will expire today, according to data from Deribit, with a put-call ratio of 0.65 and a point of maximum pain at $97,000, which means sentiment remains bullish despite BTC trading beneath $100,000.
For Ethereum, 141,185 options are expiring with a put-to-call ratio of 0.48 and a max pain point of $3,450. As the expiration time of 8:00 UTC nears, BTC and ETH prices could move toward these levels, according to the “max pain” theory.
At the time of writing, BTC trades at $93,792, and ETH is priced at $3,258. Analysts believe prices may approach the max pain levels before stabilizing. After Deribit settles the contracts, price pressure is expected to ease, but market volatility may persist due to the size of these expirations.
Meanwhile, Glassnode data reveals weakening short-term demand momentum for Bitcoin. Active trading liquidity has dropped sharply, reflecting lower speculative activity. This reduced liquidity could heighten price swings, especially if large trades occur.
Analysts remain split on Bitcoin’s next move. While some expect an upward rally, others warn of potential downside if support near $92,000 fails. For now, traders seem cautious, waiting for clearer signals from the market.
