Massive liquidation of call and put options in BTC and ETH indicates increased market volatility

The cryptocurrency markets are experiencing a significant options expiration on January 30, with call and put options on Bitcoin and Ethereum at the center of volatility. According to BlockBeats, a total of 91,000 BTC options with a put-call ratio of 0.48 are expiring, representing a nominal volume of $7.6 billion. The maximum pain point for BTC is at $90,000, a critical level for options traders.

Focus on Call and Put Options: BTC Data Shows Bearish Tendencies

Meanwhile, 435,000 ETH options are also expiring, with a put-call ratio of 0.68 and a nominal value of $1.19 billion. The maximum pain level for Ethereum is at $3,000. According to Adam from Greeks.live, this is the first monthly expiration after the annual settlement, with the expiring options accounting for about 25 percent of all positions – nearly $9 billion. Contrary to the trend of call options, bullish positions are predominant, while put options indicate a nuanced market situation.

Market Price Development and Support Levels Under Pressure

The prices of both assets have entered a clear downward trend since yesterday. Bitcoin is currently trading at $69,280 (24-hour change: -2.66%), while Ethereum is at $2,040 (-3.84% in 24 hours). The psychologically important support levels of $80,000 for BTC and the $2,500 mark for ETH are currently being tested. The ongoing effects of the decline in Q4 of the previous year continue to influence market psychology and maintain selling pressure.

Implied Volatility at Yearly High – A Signal of Increased Options Activity

Implied volatility (IV) has reached significant levels: the main maturity IV for Bitcoin is around 45 percent, while ETH IV stands at 60 percent – both are the highest values of 2025. These extreme volatility levels reflect uncertainty and fuel trading volume. Transaction activity is mainly driven by the need to reposition, a classic sign of nervous markets.

Market Maker Strategy: Large Cash Reserves as Indicators of Trading Readiness

Market makers and professional traders currently hold substantial cash reserves, indicating high trading readiness. The greatest demand pressure comes from positions hedging against bearish movements – a clear signal that market participants are increasingly seeking protection instruments (put options). This dynamic between call and put options underscores expectations of further volatility and highlights the importance of defensive positions in the current market phase.