Bitcoin Options Worth $5.28B Expire Ahead of US Elections, ETH Faces Bearish Pressure

On October 25, options worth $5.28 billion for Bitcoin and Ethereum expired, prompting traders to prepare for potential volatility ahead of the U.S

Options worth $5.28 billion for Bitcoin and Ethereum expired on October 25, ahead of the U.S. elections.

Bitcoin options expiring on October 25 totaled 63,000, with a Put/Call Ratio of 0.66. This indicates a stronger preference for call options, reflecting bullish market sentiment.

The Max Pain point for Bitcoin options was set at $64,000, suggesting that traders anticipated Bitcoin to hover around this level by the time of the options expiry.

With a notional value of $4.26 billion, Bitcoin's performance remained strong as market participants looked ahead to upcoming events.

A total of 403,000 ETH options expired on October 25, with a Put/Call Ratio of 0.97. This reflects a near-even split between bullish and bearish sentiment.

The maximum pain point of $2,600 indicated that Ethereum was trading at lower expectations, continuing to struggle to recover from yearly lows.

The notional value of expired Ethereum options was $1.02 billion, significantly lower than that of Bitcoin.

As the November U.S. elections approached, traders prepared for increased volatility in the cryptocurrency markets. Bitcoin's Implied Volatility (IV) for November 8 was at 55%.

Earlier this week, Bitcoin approached $70,000 amid close polling between Donald Trump and Kamala Harris.

Coin Edition traders are betting on Bitcoin to cross $80,000 in November, regardless of the election outcome. Trump's support for cryptocurrency and Harris's moderate stance on regulation were seen as positive indicators.

According to Deribit, open interest for call contracts expiring in November is concentrated around $80,000, while options expiring on December 27 are seeing bets around the $100,000 mark.