Major Cryptocurrency Options Expiry Causes Market Volatility

TLDR

• Over $22 billion in Bitcoin and Ethereum options are expiring today.
• Deribit leads with $17.07 billion in Bitcoin options open interest.
• Liquidations have exceeded $275 million in leveraged long positions.

A major expiry event is taking place in the cryptocurrency markets today, September 26, 2025, with between $22 to $23 billion in Bitcoin and Ethereum options set to expire. This marks one of the largest options expiries in the history of crypto markets, prompting significant interest from traders and analysts alike.

The high volume of expiring options is expected to bring increased volatility to the market, as indicated by exchange dashboards from Deribit, OKX, and CME. Market data platforms have confirmed these figures, further highlighting the magnitude of this event.

Key Players in the Expiry Event

Deribit leads the market with approximately $17.07 billion in open interest for Bitcoin options. OKX and CME each hold about $1.9 billion in open interest for Bitcoin options, according to available data. Ethereum options valued at around $5.1 billion are also set to expire today, dominated by these major exchange platforms.

Much of the attention is coming from institutional traders, market makers, and analysts. Max Crypto, a notable market analyst, highlighted the event, stating, “$21 BILLION WORTH OF $BTC AND $ETH OPTIONS WILL EXPIRE TODAY. EXPECT HIGH VOLATILITY.”

Institutional Involvement and Funding Impact

The expiry event does not directly inject new funding into the markets but is expected to cause substantial rebalancing and liquidity shifts. Institutional traders, including hedge funds and proprietary trading desks, are heavily involved in the proceedings.

Despite the magnitude of this expiry, there are no disclosed grant or funding programs associated with today’s event. However, liquidations have already exceeded $275 million in leveraged long positions, highlighting the risk exposure unwinding among both institutional and retail players.

Assets and Potential Market Effects

The primary assets affected by the expiry are Bitcoin (BTC) and Ethereum (ETH), as they are the underlying assets of the expiring contracts. Other altcoins have not been explicitly mentioned, though market volatility could extend to DeFi tokens and other derivatives that reference BTC or ETH.

On-chain data shows no immediate real-time total value locked (TVL) drop, although liquidation flows could trigger outflows from major DeFi pools like Uniswap and Aave should Ethereum prices breach critical levels. Staking activity remains stable with no unusual movements reported yet.

Historical Context and Price Levels

Historically, options expiries of this scale have resulted in temporary price movements toward “max pain” levels, which are $114,000 for BTC and $4,500 for ETH. The pattern of heightened volatility, rapid price swings, and increased liquidation risk has been observed in previous significant expiry events.

The current strike clusters driving open interest include $110,000, $112,000, and $114,000 for Bitcoin, and $3,800 to $4,000 for Ethereum, with $4,500 identified as the max pain level. Traders are watching these levels closely as expiry hours approach.

Community and Regulatory Outlook

On community platforms like Twitter and Discord, conversations are heavily focused on the potential impacts of this expiry, emphasizing risk management strategies amid anticipated volatility. This aligns with comments from noted analysts regarding the market’s response to such events.

No new updates have emerged from regulatory bodies such as the SEC, CFTC, or ESMA regarding today’s expiry. Additionally, there have been no significant GitHub or project roadmap developments, indicating that the option expiry is driven by market forces rather than specific blockchain projects.

For additional insights and updates on the cryptocurrency markets, including major events and analysis, you can refer to platforms like 99 Bitcoins and Real Coin Central.