BTC and ETH Options Worth Nearly $9B Set to Expire Today

Greeks.live data show 91,000 BTC options with a notional value of $7.6B and 435,000 ETH options worth $1.19B are scheduled to expire on January 30, marking the first monthly expiry after annual settlement and representing 25% of total open interest. The BTC options have a Put Call Ratio of 0.48 and max pain point at $90,000, while ETH options show a 0.68 ratio with max pain at $3,000. Greeks.live analyst Adam said call options dominate as BTC and ETH face pressure from a sharp downtrend since yesterday, with BTC holding strong support around $80,000 and ETH near $2,500. Implied volatility has risen to 2025 highs at roughly 45% for main BTC tenors and 60% for ETH, driven by high block trading volumes from position rolling as market makers and active traders maintain strong interest and elevated demand for downside protection.