$4.5 Billion Bitcoin and Ethereum Options Expire with Traders Cautious Ahead of Year-End Moves

A massive $4.5 billion batch of Bitcoin and Ethereum options expired today, injecting fresh uncertainty into a market already struggling to find direction. These monthly expiries tend to act like pressure valves for sentiment, and this one was no different — traders stepped into the day far more cautious than usual, aware that positioning could swing sharply in either direction.

For Bitcoin, most of the open interest was clustered around key strike levels near $90,000–$92,000, meaning the expiry outcome could influence whether BTC makes another attempt at breaking its ceiling or sinks deeper into consolidation. The problem? Whales have been net sellers this month, and liquidity remains thinner than traders would like heading into the year’s final weeks.

Ethereum faced a similar setup. With options concentrated near the $3,200 level, ETH has struggled to maintain momentum despite recent upgrades and improving on-chain statistics. Rising open interest suggests traders are positioning for a big move — but not necessarily a bullish one.

Overall, today’s expiry didn’t spark fireworks. Instead, it highlighted what the market already knows: volatility is building, conviction is low, and both BTC and ETH may be saving their next major move for early 2026, once macro signals become clearer.