Today, more than $3 billion in Bitcoin and Ethereum options are set to expire, with $2.5 billion in BTC and nearly $500 million in ETH contracts settling on Deribit at 8:00 UTC. This is one of the biggest expiry events in recent weeks, and traders are watching closely to see how it will shake up the market.

Large expirations like this often trigger sharp price movements, sometimes leading to unexpected swings. Will Bitcoin hold its ground, or is another wave of volatility about to hit?

With key support and resistance levels in focus, the next few hours could be critical for the market.

The put-to-call ratio for Bitcoin options is 0.67, meaning there are more put options (bets that Bitcoin’s price will fall) than call options (bets that it will rise). The “maximum pain” level, or the price at which the most losses will occur, is $89,000.

Ethereum is also seeing a major expiration, with $481.9 million in contracts settling. Its maximum pain level is $2,300, and its put-to-call ratio is 0.72. Both ratios are below 1, suggesting that more traders are betting on price increases rather than declines.

The overall market sentiment remains bearish. Bitcoin’s recent price swings, including a sharp $6,000 drop, have made trading conditions difficult. Many traders have faced losses as the market moves unpredictably.

Analysts at Greeks.live highlight key resistance levels for Bitcoin between $87,000 and $89,000, while $82,000 has acted as a recent bottom. However, there is uncertainty over whether this support level will hold. Many traders are hedging against further losses by buying put options.

The market is highly volatile, with traders making quick decisions to avoid sudden losses. Global trade policies and economic uncertainty have added to the cautious approach, making long-term trades riskier.

Bitcoin’s price typically stabilizes after options expire, but the market remains on edge. The uncertainty has been amplified by President Trump’s recent executive order on Bitcoin reserves. While details remain unclear, this topic is expected to be a key discussion point at the upcoming White House Crypto Summit.

Despite expectations, Bitcoin fell 5% to $84,667 after Trump’s Bitcoin reserve order. This triggered $261 million in liquidations in the futures market, with long positions hit the hardest. Liquidations totaled $115.6 million, and Bitcoin’s open interest dropped by 5%.

If the downtrend continues, Bitcoin could test support at $85,357 and possibly drop further to $80,580. However, if fresh buying interest emerges, the price could recover above $90,000, with the next resistance level at $92,247.

With options expiry, regulatory uncertainty, and price swings at play, the market is at a critical point. Traders are watching closely to see if Bitcoin can regain momentum or if further declines are ahead.