Bitcoin, ETH, XRP, and SOL face heightened volatility ahead of a $23B options expiry, with key max pain prices influencing market moves.
As the largest-ever $23 billion crypto options expiry approaches, Bitcoin, Ethereum, XRP, and Solana are under increased market pressure. With this massive expiry event, traders are closely monitoring the “max pain” price for each cryptocurrency.
This price level, where the highest number of options contracts expire worthless, is crucial for predicting the market’s potential direction. As the expiry date nears, significant price fluctuations are expected in these assets.
Bitcoin Faces Key Support at $110K as Max Pain Price Draws Near
Bitcoin is drawing considerable attention as $17.07 billion in Bitcoin options, involving over 152,000 BTC contracts, are set to expire. The current max pain price for Bitcoin is at $110,000, which is notably lower than its market price of $111,970. This suggests that Bitcoin could experience selling pressure as the price moves closer to the max pain level.
Q3 expiry is the largest ever on Deribit: ~$23B in notional is set to roll off this Friday. 🚀🚀
This expiry comes with heavy positioning around BTC $95K–110K puts and clustered ETH open interest above $4K. With vol suppressed but leverage tilted to the upside, any macro shock… pic.twitter.com/UJJQiUSz8J
— Deribit (@DeribitOfficial) September 24, 2025
The options market shows a concentration of put options in the $95,000-$110,000 strike range. This indicates that many traders are betting on a potential price decline.
Despite this bearish sentiment, some traders are hopeful for a recovery, anticipating that Bitcoin might bottom out near the max pain price before making a rebound. The coming days could see significant price movement as Bitcoin nears its max pain level.
Ethereum’s $3,800 Max Pain Price Signals Likely Pullback
Ethereum is also facing a major options expiry, with over 1.32 million ETH options worth $5.33 billion set to expire. The max pain price for Ethereum stands at $3,800, which is above its current price of $4,018. This suggests a higher chance of Ethereum seeing a pullback toward the $3,800 level as the expiry approaches.
🚨 Options Expiry Alert 🚨
At 08:00 UTC tomorrow, over $22.3B in crypto options expire on Deribit; one of the biggest quarter-end expiries. 🔥$BTC: Notional: $17.06B | Put/Call: 0.76 | Max Pain: $110K$ETH: Notional: $5.20B | Put/Call: 0.80 | Max Pain: $3,800
Q3’s largest… pic.twitter.com/FDT1tWomYH
— Deribit (@DeribitOfficial) September 25, 2025
The put-call ratio for Ethereum is at 0.76, indicating a slightly bearish outlook. The majority of put options are clustered around the $4,000 strike price, signaling that traders expect downward price movement.
Ethereum’s market dynamics show a potential for continued selling pressure, especially if external factors, like macroeconomic trends, affect its price in the short term.
XRP and Solana’s Max Pain Prices as Expiry Nears
XRP is experiencing volatility as it nears its options expiry, with over 28,000 options valued at $83 million set to expire. The current max pain price for XRP is at $2.80, although traders are focusing on higher price levels like $3.00 and $3.10 due to bullish technical indicators.
XRP’s price is currently hovering around $2.85, with fluctuations between $2.84 and $2.99, indicating ongoing interest from traders despite market pressure.
Solana (SOL) is also seeing increased attention as over 105,000 SOL options worth $217 million are set to expire. The max pain price for SOL is $195, below its current price of $203.56.
While the put-call ratio for SOL is 0.56, indicating more balanced market sentiment, SOL has seen a 2% drop in the last 24 hours. This suggests uncertainty about Solana’s future price movements as the expiry event draws closer.
