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\n\t\t\t\t\t\t\t\t\tThe first Friday of the new year has arrived, and more Bitcoin and Ether options are expiring as spot market momentum remains muted.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Around 21,000 Bitcoin options contracts will expire on Friday, Jan. 2, and they have a notional value of roughly $1.85 billion.<\/p>\n
This expiry event is much smaller than average due to muted trading over the holiday period and the huge one<\/a> last Friday.\u00a0Trading has been subdued over the New Year holiday as expected, with volume and volatility low, and spot markets mostly sideways as we start a new month and a new year.<\/p>\n This week\u2019s small tranche of Bitcoin options contracts has a put\/call ratio of 0.48, meaning that there are a lot more calls (longs) expiring than puts (shorts). Max pain is around $88,000, according to Coinglass, which is pretty close to the current spot prices, so many will be in the money on expiry.<\/p>\n Open interest (OI), or the value or number of Bitcoin options contracts yet to expire, is highest at $100,000, which has $1.3 billion at this strike price on<\/a> Deribit. There remains around $1.1 billion in OI at $75,000 and $80,000 as bearish bets mount up.<\/p>\n Total BTC options OI across all exchanges is at $28 billion, much lower now after last week\u2019s massive expiry.<\/p>\n \u201cOverall, market liquidity remains subdued, and sentiment is pessimistic,\u201d said<\/a> crypto derivatives provider Greeks Live in a market update earlier this week.<\/p>\n In addition to today\u2019s batch of Bitcoin options, around 130,000 Ethereum contracts are also expiring, with a notional value of $396 million, max pain at $2,950, and a put\/call ratio of 0.62.\u00a0Total ETH options OI across all exchanges is around $6.7 billion, around a third of what it was in late August.<\/p>\n Nothing has really changed over the past month, observed<\/a> analyst \u2018Credibull Crypto\u2019 on Friday.<\/p>\n \u201cAs expected, we are simply chopping around at these levels with zero breaks in HTF [high time frame] market structure, despite many already claiming our cycle top is in.\u201d<\/p>\n<\/blockquote>\n The $74,000 support level remains unbroken, \u201cand there are a number of indications that we are forming a bottom here,\u201d they added.<\/p>\n Analyst \u2018Daan Crypto Trades\u2019 observed the new monthly and yearly candle, stating, \u201cYou can assume that this candle will at least extend a bit further in both directions throughout the month. Generally, that first week especially does tend to give some fakeouts.\u201d<\/p>\n $BTC<\/a> A new monthly & yearly candle has begun. You can assume that this candle will at least extend a bit further in both directions throughout the month.<\/p>\n Generally that first week especially does tend to give some fakeouts.<\/p>\n All in all, still in the ~$84K-$94K range for the time\u2026 pic.twitter.com\/76Db4CJL5k<\/a><\/p>\n \u2014 Daan Crypto Trades (@DaanCrypto) January 1, 2026<\/a><\/p>\n<\/blockquote>\n BTC has steadily gained over the past 24 hours, rising 1.3% to come just shy of $89,000 during the Friday morning Asian trading session. However, this price level has shown strong resistance over the past week.<\/p>\n ETH prices reclaimed $3,000 on Friday morning following a 1.7% gain on the day as trading in Asia started off positive.\u00a0Altcoins were mostly in the green at the time of writing, with larger gains for Dogecoin, Cardano, Chainlink, and Avalanche.<\/p>\n <\/p><\/div>\nBitcoin Options Expiry<\/h2>\n
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Spot Market Outlook<\/h2>\n
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