Is This The End Of Crypto? $13B Bitcoin Options Expiry Looms!

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Well, well, well, it’s that time again! Around 147,000 Bitcoin options contracts are set to expire this Friday, Nov. 28, totalling a not-so-modest $13.4 billion. Quite the dramatic exit for November, don’t you think?

This expiry event is the talk of the town, as it’s end-of-month drama mixed with a hefty dose of market madness. Could it possibly shake things up for the spot markets, which, let’s face it, have been having a rather rough time trying to recover from this month’s little “meltdown”? 🥴

But wait, there’s more! The US government has been churning out economic data this week, and what do we find? The PPI inflation data is higher than expected, sending a rather chilly breeze through the crypto markets. It’s a bear’s world, and we’re just living in it. 🐻

Bitcoin Options Expiry

This week’s Bitcoin options contracts are showing a put/call ratio of 0.58, meaning there’s an overwhelming number of long contracts expiring rather than shorts. Max pain seems to be hovering around $100,000-according to Coinglass, at least. 🤑

Open interest (OI), or the number of contracts still hanging on by a thread, is highest at the $100,000 mark. That’s $2.2 billion on Deribit alone. The shorts are eyeing the $80k and $85k strikes with almost $2 billion in OI sitting there. It’s like the market’s version of musical chairs. 🪑

Across all exchanges, total BTC options OI sits at a staggering $57 billion. According to CryptoQuant, we’ve just witnessed the biggest drop in OI this cycle, which some are calling a “leverage washout” (aka a Long Squeeze, but that doesn’t sound nearly as glamorous, does it?).

“This move does not signal the start of a bear market; rather, it reflects a major leverage washout,” said some optimistic souls at Deribit. “The positioning has stabilized following recent volatility, with OI now clustering around the $100K level, despite the fear and loathing.”

November Options Expiry Alert: Over $15.4B in BTC + ETH options expire tomorrow at 08:00 UTC on Deribit-goodbye, dramatic volatility. Max Pain at $100K for BTC. Positioning has cooled into a more neutral stance, whatever that means…

– Deribit (@DeribitOfficial) November 27, 2025

But wait, there’s more to this party! Not only do we have Bitcoin contracts, but Ethereum is also joining in with a whopping 573,000 contracts expiring-$1.7 billion at stake, and a max pain point of $3,400. Put/call ratio of 0.50. Because why not throw Ethereum into the mix for some extra drama? 🎭

All in all, the combined expiry value of crypto options on Friday totals about $15 billion. Deribit says “positioning has cooled,” but we all know crypto has a way of being cool one moment and then completely losing its chill the next.

Spot Market Outlook

As for the spot markets, things have been pretty flat over the last 24 hours. Bitcoin is just sitting at $3.2 trillion in market cap, with a stubborn resistance at $91,800 that just won’t let go. Bitcoin attempted to tap $91,800 three times, but alas, each time it got rejected-talk about getting friend-zoned! 😒

Ether hasn’t been faring much better, struggling to hold above $3,000, only to fall back under it by the time we hit Friday morning in Asia. Oh, the drama of it all. 🎭

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2025-11-28 10:24