Massive quarterly options expiries are set to rock the Bitcoin and Ethereum market. 

Despite starting the week well, Bitcoin and the broader crypto market are back in the red. While one likely reason for this is uncertainty sparked by new tariffs from President Donald Trump, another could be the massive options expiring today, Friday, March 28.

Bitcoin Quarterly Expiry

Today, over $14 billion worth of Bitcoin and Ethereum options are set to expire, according to data from options trading service firm Greeks.live.

This includes 139,000 BTC options worth $12.1 billion and 301,000 ETH options worth $2.13 billion with put-call ratios of 0.49 and 0.39, respectively, and max pain points of $85,000 and $2,400, respectively.

The sheer size of this week’s expiry comes as this is the quarterly delivery week when quarterly options expire.

Typically, price tends to move to the max pain point towards options expiry as market makers try to maximize profit, which could provide another factor explaining Bitcoin’s 3% drop on the day and why it is hovering over the $85,000 price point.

While this rule of thumb with max pain points suggests that Ethereum should surge to $2,400, the decline in Bitcoin’s price, coupled with broader market sentiment, could present a challenge. At the time of writing, Ethereum is trading 6% lower at around $1,900.

No Reprieve in Sight?

Looking ahead, Greeks.live noted that selling is becoming more widespread in the market as crypto assets continue to lack fresh catalysts that could mark the end of the Q1 correction. As a result, the platform warned that buyers may face a tough time in Q2.