2026-01-08 14:32:15

This Friday, options with a notional value of approximately $2.22 billion in Bitcoin and Ethereum are set to expire on Deribit, with Bitcoin making up the majority.

On the Bitcoin side: $1.84 billion in options, Put/Call ratio of 1.05, with the maximum pain point stuck at $90,000. Put positions are mainly concentrated below $85,000, while call positions are gradually accumulating in the $90,000 to $100,000 range. In simple terms, there is a clear "pin risk" around the $90,000 level—short-term volatility could be exploited by large institutions.

Ethereum's rhythm is slightly different: $384 million in options, Put/Call ratio of 0.89, with the maximum pain point at $3,100. Call holdings are clearly concentrated above $3,000, indicating that the market's upward pressure on Ethereum is relatively restrained.

Interestingly, if the spot price stays above the maximum pain point, the reorganization of positions after expiration could make market makers more sensitive to subsequent upward movements— in other words, options expiration might become a watershed for the next wave of market trends.

BTC0,28%

ETH0,92%

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StablecoinEnjoyer

· 11h ago

The 90,000 line is really a knife's edge, big players will definitely play tricks, and we might see a big show again on Friday. ETH is relatively calm, but the pressure still seems to be above. If we really hold the pain point... that would be interesting, and there might be a爆炸 later. With a scale of 2.2 billion, this Friday is definitely going to be lively. If 90,000 gets so deadlocked, I bet it will first dip then rally, old trick. The Put/Call ratio so close to 1 indicates the market is also conflicted; who wins or loses depends entirely on this wave. Options expiration = the starting gun for harvesting the little guys? Anyway, it’s always like that. ETH is a bit steadier, but the 3100 level also feels like a trap. Institutions are definitely waiting for this moment, paving the way for the subsequent rise, or just pure manipulation. I'll just watch and see the real deal on Friday.

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GasFeeDodger

· 16h ago

$90,000 this level is really holding tight; no matter how it moves later, it's all a show. ETH is actually less tense; the bullish sentiment is stronger. Let's see on Friday, whether the big institutions' move is ruthless or not depends entirely on this wave. $2.2 billion in volume, just thinking about it is exciting... Repeated tug-of-war over the pain points; market makers are about to make a fortune. If it can't hold, it will directly dip or fake a breakout to trap the traders—old tricks. This wave of restructuring at maturity feels like Bitcoin has some variables.

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MetaMuskRat

· 01-09 03:32

If the 90,000 line is broken, big institutions will laugh to death, and we will cry to death --- ETH actually has little pressure? As long as 3100 holds, it will be interesting --- See the true colors on Friday, who the tm can predict what will happen after expiration --- The term "needle risk" sounds exciting, big players are definitely sharpening their knives --- $2.22 billion is basically capital for dumping, let's see who blinks first --- The small difference between Put/Call indicates the market isn't completely scared yet --- Options expiration = a watershed? I think it's more like a time to harvest the information gap --- Ranging back and forth around $90,000, this is the playground that big players love most --- Ethereum is actually stable, it seems the market is more bearish on Bitcoin in the short term --- If you can't hold the pain point, it's the start of bleeding, simple and brutal

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AirdropHunterWang

· 01-08 15:02

90,000 is really a strange threshold, a bunch of big players are lurking there. But on the other hand, if we can hold the biggest pain point, things might get interesting later. ETH, on the other hand, doesn't have as many tricks up its sleeve; it all depends on whether Friday will be a washout or a rally.

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LiquidityWitch

· 01-08 15:01

90,000 is really a trap, it feels like institutions are just waiting here to harvest the retail investors The fact that ETH has less pressure is interesting; it seems the bulls still have some confidence Options expiration day is destined to be a good show, betting on holding the key price level

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MerkleTreeHugger

· 01-08 15:01

The $90,000 line is really magical; the big players have probably been waiting there all along. ETH actually looks a bit more comfortable; if it can hold at 3100, it might really go up. Options expiration days are the easiest to get cut, everyone needs to be careful. Could this Friday be the turning point? I'm a bit hopeful but also a bit nervous. The Bitcoin options volume of 1.84 billion—how crazy would it be if they really went all out?

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TheShibaWhisperer

· 01-08 14:57

The 90,000 mark, the whales are sharpening their knives --- ETH isn't as fierce, the 3100 resistance isn't a big deal, I'm optimistic --- Risks of triggering stop-loss? This Friday might be a rollercoaster --- Can options expiration really be a watershed? That's a bit exaggerated --- $2.2 billion dumped into the market, no explosion on Friday would be surprising --- Market makers are sensitive to upward movements? Then keep pushing forward --- The 90,000 level is tightly held, feels like another washout is coming --- ETH's put/call ratio is only 0.89, the bullish accumulation isn't as much as expected --- Bitcoin is full of traps, we'll see the outcome on Friday --- Position restructuring sounds high-end, but it's actually just a roster for shakeouts

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SchrodingerWallet

· 01-08 14:47

$90,000 is that threshold, big institutions probably have been itching to get involved for a while... --- It's the same needle-pulling tactic again, probably going to face gunfire on Friday --- If it holds, it will be interesting; this is the watershed moment for the market --- Bitcoin's pain point setup is perfect, short-term volatility will definitely turn into a slaughterhouse for retail traders --- Ethereum doesn't seem to have much pressure? That's just ridiculous --- $2.22 billion is right there, let's see how Friday plays out... --- How do the biggest pain points usually develop? Still the same old logic? --- If market makers are really sensitive to the upside, there might be a story behind this wave

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LiquidationWatcher

· 01-08 14:44

The $90,000 line... is really too dangerous, been there lost that, big institutions don't blink when they pull the needle. Is the health factor monitored well?

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