The "Unpinning": $2.72B Crypto Options Expiry Today.

​Today at 08:00 UTC, the crypto market hits a major structural milestone as over $2.72B in options settle on Deribit.

​Here is the breakdown of the $BTC and $ETH positioning and why the "expiry release" matters for spot price action:
​📊 The Numbers
​Bitcoin ($BTC): $2.29B notional value.

The "Max Pain" point sits at $92K, with a Put/Call ratio of 1.39.

​Ethereum ($ETH): $432M notional value.

The "Max Pain" point is $3.2K, with a Put/Call ratio of 1.04.
​🔍 Market Sentiment & "The Pin"

​With Put/Call ratios above 1.0 for both majors, defensive positioning is in the driver’s seat.

Puts are dominating, particularly for Bitcoin, suggesting that many traders have been hedging against a potential move lower.

​In the lead-up to expiry, we often see a "Magnet Effect" or "Pinning."

This is where market makers hedge their own books by buying or selling the underlying asset, often keeping the spot price tethered close to the Max Pain levels ($92K and $3.2K).
​
The Aftermath: The "Volatility Release"
​Once 08:00 UTC passes, these massive hedges are no longer required.

This "unpinning" can lead to:

​Hedging Resets: Market makers unwind their delta-neutral positions, which can trigger sudden volatility in either direction.

​Repositioning: Capital often flows into new monthly or quarterly contracts, establishing the next trend for the weeks ahead.

​Spot Freedom: Without the gravitational pull of the Max Pain strikes, the market is "released" to react more purely to organic supply and demand.

​Expect some choppy water as the clock strikes 08:00 UTC and the market recalibrates for the next leg.

​"The market is a pendulum that forever swings between unsustainable optimism and unjustified pessimism." Benjamin Graham

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