Bitcoin, ETH, XRP, SOL Max Pain Price as $4B Options to Expire

Bitcoin, Ethereum, XRP, and Solana traders brace for today‘s over $4 billion in crypto options expiry. Traders anticipate short-term volatility in the broader crypto market. The event could cause the market cap to drop below $3 trillion once again ahead of next week’s FOMC rate decision.

BTC, ETH, XRP, and SOL prices slip amid $270 million in crypto liquidations. In addition, 10-year US Treasury yields, Japans long-term government bonds, and gold prices are rising again, increasing selling pressure on Bitcoin price.

$3.4 Billion Bitcoin Options Expiry

According to Deribit data, more than 36K BTC options with a notional value of $3.5 billion expire on December 5, with a put-call ratio of 0.92. In the last 24 hours, call volume remains higher than put volume with a put-call ratio of 0.76. It indicates a neutral stance among traders.

Moreover, max pain price is at $91,000, lower than the current Bitcoin price of $92,261. This shows a high odds of a pullback, with traders adjusting their positions in readiness for intense volatility ahead of “triple witching” options expiry later this month.

However, Deribit delta data shows a high probability of expiring above $91,000 strike price. BTC ATM implied volatility is noted as falling ahead of options expiry.

Bitcoin Options Open Interest. Source: Deribit

Glassnode said, “At $93K, price remains highly sensitive to macro shocks until the market can reclaim the 0.75 quantile ($95.8K) and then the 0.85 quantile (~$106.2K).”

Ethereum Options with $667 Million in Notional Value to Expire

Over 210K ETH options with a notional value of $667 million are set to expire. The put-call ratio is 0.78. However, put volume has exceeded call volumes over the last 24 hours, with a put-call ratio of 1.42, which is extremely bearish.

Also, the max pain point is at $3,050, above the current market price. Notably, the call bets are higher at the strike price, indicating lower chances of massive selling pressure. Traders expect ETH price to hold above $3,100 after this weeks options expiry.

Ethereum Options Open Interest. Source: Deribit

Ethereum fell slightly in the past 24 hours, with the price trading at $3,165. The 24-hour low and high are $3,071 and $3,223, respectively. Also, trading volume has dropped by 20%.

XRP and Solana (SOL) Max Pain Price

XRP options of notional value $5.94 million to expire, with a put-call ratio of 0.72. The max pain price is at $2.15, indicating the key level to watch as the crypto asset remains under pressure amid selloffs by whales and Ripple.

XRP price fell 4% to $2.08, dropping below the max pain price despite continuous inflows into spot exchange-traded funds. It saw intraday lows of $2.07 and highs of $2.18.

XRP Max Pain Price. Source: Deribit

Meanwhile, $12.54 million in Solana options will expire today, with a put-call ratio of 0.76. The max pain price is at $132, lower than the current market price. Traders could trigger a selloff towards $132 as puts are higher than calls at the key strike price.

SOL price is trading almost 4% down in the last 24 hours, with a 24-hour low and high of $138.07 and $144.22, respectively. Trading volume has also plunged 23% over the last 24 hours, indicating a lack of interest ahead of the key FOMC meeting.