$15B in Bitcoin, ETH, and XRP Options Expire Today: How Will the Market React?

The crypto market is at a sensitive point today with monthly options for Bitcoin, Ethereum, and XRP expiring. Traders are preparing for considerable price swings, while sentiment remains on "fear". Following a recent rebound, analysts are closely watching how liquidity and positioning could influence market behavior in December, as options expiries often trigger short-term volatility.

Bitcoin Options Expiry

Bitcoin is at the center of attention today as over 147,000 BTC options, worth about $13.42 billion, are set to expire. It's way more than the $4 billion that expired last week. The put-call ratio of 0.56 shows a mostly bullish sentiment, with traders favoring calls. However, near the $100K strike, puts are higher than calls, showing some cautious hedging by bigger traders.

BTC prices often move toward the max pain level as expiry nears. This month, Deribit reports max pain at $100K, with around 145,482 contracts worth $13.28 billion closing.

🚨 November Options Expiry Alert.

Over $15.4B in BTC + ETH options expire tomorrow at 08:00 UTC on Deribit, closing out a month of dramatic volatility.$BTC: Put/Call: 0.58 (calls dominate) | Max Pain: $100K

Positioning appears to have stabilized following recent volatility,… pic.twitter.com/xloKXU8fWQ

— Deribit (@DeribitOfficial) November 27, 2025

Analysts say positions have stabilized after recent swings, but lower liquidity and weak demand may limit strong gains.

Glassnode notes realized losses are rising as futures are reduced and trading volumes fall. Bitcoin needs to break the $93K-$96K buyers’ zone to regain momentum. Trading above $91K shows optimism about a possible 25bps Fed rate cut in December, but caution remains, especially after a 35% drop from previous highs.

Ethereum Options Expiry

Ethereum options are also seeing heavy expirations, totaling over 574,000 contracts worth $1.73 billion. With a put-call ratio of 0.48, market sentiment appears bullish. ETH's max pain price is $3,400, higher than the current $3,052, pointing to a possible recovery.

While calls have dominated the current expiry, puts have overtaken calls over the last 24 hours, signaling active hedging. According to Deribit analysts, ETH is a battlefield, stuck between optimism and risk from recent deleveraging. Key support and resistance levels will likely decide if ETH can hold gains or remain range-bound.

Seasonal risk appetite in November and December may increase short-term volatility. A move above resistance could attract more speculative trades, though macro factors and liquidity limits remain challenges.

XRP Options Expiry

Although XRP has a smaller notional value, it remains in focus as $15 million in options expire today. The put-call ratio is 0.41, and the max pain point sits at $2.30, providing a tight but notable level for potential stabilization.

XRP has increased roughly 1.5% over the past 24 hours and is trading near $2.22, with lower volumes suggesting muted trading interest during this expiry. Its smaller market cap and limited liquidity make it more responsive to concentrated trading.

Experienced traders like Peter Brandt see the possibility of rallies in the coming months.

Hey crypto traders, do not despair. There are two coins that I think could do quite well in the months to come pic.twitter.com/T66pRK78Hc

— Peter Brandt (@PeterLBrandt) November 27, 2025

Analysts note that XRP could test $2.60 if it holds support within its current range. The options expiry today may serve as a temporary anchor, keeping price movements in check unless whale activity or broader market trends push it higher.

What Could It Mean for the Market?

With $15 billion in BTC, ETH, and XRP options set to expire, markets may see volatility within a contained range. Seasonal year-end momentum may meet thin liquidity and cautious positioning, producing uneven price action. Key max pain levels may serve as short-term anchors for investors. How the market reacts to these levels will influence sentiment in December.