41,000 BTC and 228,000 ETH options expire today, with BTC suffering maximum pain at 105,000 USD

On November 14, 2025, a total of 41,000 BTC options and 228,000 ETH options expired. The notional value for BTC options reached 3.95 billion USD, while ETH options amounted to 730 million USD.

Bitcoin’s price has fallen below 100,000 USD, and Ethereum has faced declines for three consecutive months. The market sentiment has shifted from neutral to negative, affecting the volatility expectations.

The BTC put/call ratio stands at 0.61, indicating rising hedging activity. Bitcoin put options account for approximately 30%, reflecting investor caution amidst macroeconomic uncertainties.

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