$2.27 Billion Crypto Options Expire Today: BTC and ETH Outlook

Today, January 23, 2026, the cryptocurrency market faces a major derivatives hurdle as $2.27 billion in nominal value across Bitcoin (BTC) and Ethereum (ETH) contracts reaches its deadline. With Bitcoin hovering near critical psychological resistance, the "pinning effect" around today's expiry could determine the price trend for the remainder of the month.

Crypto Option Expiry: Today's Breakdown

The majority of the open interest is concentrated on platforms like Deribit, where market makers are working to keep prices near "Max Pain" to minimize their own payouts to traders.

• Bitcoin (BTC): ~$1.84 Billion expiring. Max Pain: $90,000.
• Ethereum (ETH): ~$435 Million expiring. Max Pain: $3,100.

Historical data shows that the $bitcoin price often gravitates toward these max pain levels in the final hours before settlement.

What are Crypto Options and Why do they Expire?

If you are new to derivatives, crypto options are contracts that give a trader the right (but not the obligation) to buy or sell an asset at a specific price, known as the strike price, by a certain date.

How do they expire?

Every option has an expiration date (like today). At the moment of expiry (usually 08:00 UTC), the contract is settled. If the market price is better than your strike price, the option is "In-the-Money" and yields a profit. If not, it expires worthless.

Why do they make crypto volatile?

The volatility doesn't just happen at the moment of expiry; it builds up through Market Maker Hedging. Large institutions that sell these options must stay "delta-neutral." As the price of Bitcoin moves, these institutions are forced to buy or sell the actual asset to balance their risk. This constant adjustment, combined with traders "rolling over" their positions to next month, creates massive buy and sell walls.

For those trading these swings, using reliable crypto exchanges is vital for execution speed.

BTC and ETH Price Analysis: The Technical View

Looking at the current charts, both leading assets are at a crossroads as they approach the settlement window.

BTC & ETH Performance 2H - TradingView

Bitcoin (BTC) Analysis

Bitcoin is currently struggling to maintain its footing around $89,500. While institutional interest remains high, the short-term technicals suggest a "breakout trap" near the $91,000 mark. If $BTC price fails to reclaim $91,000 after today's expiry, we could see a slide toward the $74,000 consolidation zone seen in recent weeks.

Ethereum (ETH) Analysis

The $Ethereum price is currently underperforming, slipping below the $3,000 psychological barrier. With the max pain at $3,100, ETH is currently "under-pinned," meaning there is a theoretical pull upward. However, if buyers don't step in post-expiry, the next major support lies near $2,850.

Crypto Strategy for Today

Navigating an expiry day requires extreme caution. Often, the "real" move happens 2–4 hours after the contracts settle and the artificial hedging pressure is lifted. For long-term holders, ensure your assets are off exchanges and safely in hardware wallets to avoid being liquidated by temporary price wicks.

Stay updated with the latest crypto news to see how the market reacts once the $2.27 billion cloud clears.

Disclaimer: This article is a news report and price analysis and does not constitute financial advice. Cryptocurrency markets are highly volatile. Options expiry data is based on current exchange snapshots and can change rapidly. Always conduct your own research (DYOR) before trading.