$2.2B in Bitcoin and Ethereum Options Expire Today
$2.2B in Bitcoin and Ethereum options are set to expire today, sparking expectations of short-term market volatility.

- $2.2B in BTC and ETH options contracts expire today
- Bitcoin dominates the expiry with $1.85B in contracts
- Expiry could trigger short-term market volatility
Crypto markets are starting the year with a bang as approximately $2.2 billion worth of Bitcoin and Ethereum options are set to expire today, January 2, 2026. This large expiry event is likely to influence short-term price action and trading sentiment.
Bitcoin Leads with the Majority of Contracts
Out of the total, Bitcoin options make up the lion’s share, with nearly $1.85 billion worth of contracts due to expire. Ethereum follows with roughly $396 million. These options are financial contracts that give traders the right, but not the obligation, to buy or sell an asset at a predetermined price.
The expiries take place on major crypto derivatives platforms like Deribit, where traders and institutions often hedge or adjust positions leading into expiration. With Bitcoin trading close to key resistance levels, these settlements could set the tone for where BTC goes next.
Short-Term Volatility on the Horizon?
Historically, large-scale options expiries often lead to increased volatility. As positions are unwound or rolled over, price movements can intensify. Many traders watch the “max pain” level—where the most options expire worthless—as a magnet for price action during expiry days.
The timing is particularly important as markets come out of the low-volume holiday period. Traders may see sharper moves as liquidity returns and positions reset. While expiries don’t guarantee a breakout in either direction, they can clear the path for more decisive momentum in the days ahead.
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