Major Bitcoin and Ethereum options expiry hits as open interest clusters near max pain

Large Bitcoin and Ethereum options expiry follows a major leverage washout, with open interest clustering near max pain while both trade just below key resistance.

Approximately 147,000 Bitcoin options contracts are scheduled to expire on Friday, Nov. 28, representing a larger-than-usual expiry event due to the end-of-month timing, according to market data.

The expiring BTC (BTC) options contracts have a put/call ratio of 0.58, indicating more long contracts than short positions, according to data from Coinglass. The highest concentration of open interest on Deribit is clustered around the maximum pain strike level, with additional significant open interest at lower strike prices.

U.S. government Producer Price Index inflation data released this week exceeded expectations, according to economic reports. CryptoQuant reported earlier in the week that the market experienced the largest drop in open interest of the current cycle, characterizing the movement as a major leverage washout rather than the beginning of a bear market.

Bitcoin and Ethereum options heading to market

“Positioning appears to have stabilized following recent volatility, with open interest now clustering around the key level, despite the fear,” Deribit stated in a report. The exchange noted that elevated call interest may indicate improving market sentiment following recent volatility.

In addition to BTC options, approximately 573,000 ETH (ETH) options contracts are also expiring Friday, with a put/call ratio of 0.50, according to exchange data. The combined notional value of Friday’s crypto options expiry represents a substantial amount across both cryptocurrencies.

“Following the recent deleveraging across crypto markets, positioning has cooled into a more neutral stance around a key support and resistance zone,” Deribit stated.

Cryptocurrency market capitalization remained relatively stable over the past 24 hours, according to market data. Bitcoin tested resistance levels multiple times but failed to break through, trading just below that threshold. Ethereum declined below a key resistance level during Asian trading hours.