TL;DR
- Bearish Hedging: Deribit’s first 2026 monthly expiry showed $9B in notional value rolling off, with call dominance and shifting downside protection signaling defensive positioning for BTC and ETH.
- Market Fear: BTC and ETH extended their downtrend, with BTC holding $80,000 support and sentiment sliding into extreme fear as traders brace for deeper drawdowns.
- Key Levels: Options activity clustered around $80,000 and $75,000, while post‑expiry trading kept BTC near $82,252.43 amid rising volatility and repeated rejections below $90,000, reinforcing expectations of continued weakness.
BTC options on Deribit completed their first monthly expiry of 2026, offering a clear snapshot of shifting sentiment as the market absorbed another leg down. With BTC sliding into the $82,000 range, traders leaned heavily on defensive positioning, turning the expiry into a barometer of growing caution across major assets.
January 30 Options Expiration Data
91,000 BTC options contracts expired, with a Put-Call Ratio of 0.48, maximum pain point at $90,000, and notional value of $7.6 billion.
435,000 ETH options contracts expired, with a Put-Call Ratio of 0.68, maximum pain point at $3,000, and… pic.twitter.com/SVxPeue0wC— Greeks.live (@GreeksLive) January 30, 2026
Large Expiry Event Highlights Bearish Tilt
Friday’s expiry saw 91,000 BTC options contracts lapse, carrying a put-call ratio of 0.48 and a maximum pain level at $90,000. The contracts represented $7.6B in notional value, while ETH added another $1.19B with a put-call ratio of 0.68. The January event marked the first major rollover from 2025, with expiring notional value reaching $9B, or 25% of open interest. Call options dominated, reinforcing a bearish skew as traders sought protection against further downside for both BTC and ETH.
BTC and ETH extended their downtrend through the past week, reviving fear across the crypto market. Early 2026 trading continued the unraveling seen in Q4 2025, with Bitcoin finding support at $80,000 and ETH holding above $2,500. Over the past month, downside protection shifted from $85,000 to $80,000, and forward contracts now favor a move toward $80,000 rather than a rally to $120,000.
Options Activity Concentrates Around Key Levels
The most crowded BTC contracts now sit at the $80,000 psychological level, with additional put accumulation at $75,000. Elevated options activity reflects a market seeking stronger hedges against a potential bear cycle. The latest expiry also saw higher trading volume due to the new year rollover. Deribit data shows market makers and active traders holding significant cash reserves, positioning themselves to use options as a preferred tool for bearish hedging.
Following the expiry, Bitcoin traded at $82,252.43 and ETH at $2,717.77, with Bitcoin sentiment registering extreme fear. January performance shows Bitcoin down 3.35%, nearly 120 days removed from its peak, and facing a 30% drawdown. Traders note repeated rejections near $90,000, hinting at deliberate selling as volatility rises and price ranges compress after several liquidation events.
