Will Bitcoin Options Expiry Leave You Laughing or Crying? 🤔😂

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Ah, dear reader, as we approach the grand spectacle of approximately 20,600 Bitcoin options contracts preparing to bid adieu this fine Friday, January 9, we find ourselves in the midst of a staggering notional value of around $1.9 billion. Quite the sum, isn’t it? One could almost buy a small nation-or at least a very nice yacht! 🛥️

Now, let us not get too carried away; this expiry is rather reminiscent of last week’s orchestrated event, where derivatives trading ambled along at a pace more suited to a tortoise than a hare. As such, one would be wise to temper expectations of any dramatic upheaval in spot markets. In fact, nothing says excitement like the sound of crickets chirping in unison with our beloved crypto market! 🎶

The Grand Bitcoin Options Expiry

This week’s modest collection of Bitcoin options carries a put/call ratio of 1-an astute equilibrium between our hopeful longs and pessimistic shorts. Max pain, a term that sounds more like a description of a particularly frustrating dental appointment, hovers around $90,000, which is strikingly close to the present spot prices. It appears many will indeed find themselves comfortably in the money upon expiry-how delightful! 💰

Meanwhile, open interest (OI)-that tantalizing measure of the remaining value of Bitcoin options contracts yet to meet their fate-sits highest at $100,000, boasting a hefty $1.8 billion on Deribit. As bearish sentiments continue to mount, another $1.2 billion lingers at $75,000, $80,000, and $85,000, much like an overzealous relative at a family reunion. 🍗

The total BTC options OI across all exchanges is cautiously inching upward to $32.7 billion. A veritable mountain of options for our intrepid traders to contemplate!

“BTC options traders kick off 2026 leaning bullish. The January $100,000 call option is the most popular bet, with a notional open interest of $1.45 billion,” mused Deribit earlier this week. One can only imagine the raucous celebration should those bets pay off! 🎉

Options Expiry Alert:

At 08:00 UTC tomorrow, a staggering $2.22 billion in crypto options are set to expire on Deribit. $BTC: $1.84B notional | Put Call: 1.05 | Max Pain: $90K

BTC open interest brackets spot, with heavy puts below $85K and calls building from $90K to $100K, creating pin risk…

– Deribit (@DeribitOfficial) January 8, 2026

If that weren’t enough excitement for one day, let us not forget around 123,000 Ethereum contracts are also readying themselves for expiration, with a notional value of $384 million and max pain lurking at $3,100. The ETH call positioning is decidedly concentrated above $3k-much like my Aunt Flora at the buffet, I daresay! 🍽️

“If spot holds above max pain, post-expiry positioning may leave dealers more reactive to upside continuation,” cautioned Deribit. How charmingly optimistic!

In total, our crypto options expiry notional value swells to an impressive $2.2 billion, a number so large it might just induce a fainting spell among lesser mortals.

Spot Market Forecast

As the latter half of this week unfolds, crypto markets have decided to take a leisurely stroll back down, with the total cap currently parked at $3.19 trillion. Bitcoin, in a fit of whimsy, fell below $89,500 briefly on Thursday, only to regain its composure and recover to a respectable $91,000 during the Friday morning Asian trading session. Nevertheless, it appears to be rather tethered within a range, beset by heavy resistance above $94,000.

Ether, ever the steady companion, has maintained its poise above $3,000, reclaiming the resistance zone at $3,100 on this fine Friday morning. Meanwhile, altcoins appear to be having a rather unfortunate day, with XRP, Dogecoin, and Zcash leading the pack in losses-one might say they’ve taken a rather unfortunate tumble down the crypto rabbit hole! 📉

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2026-01-09 09:13