2026-01-08 15:33:14

This Friday marks the expiration wave for options. According to Deribit data, this expiration involves approximately $2.22 billion worth of Bitcoin and Ethereum options contracts.

Specifically, Bitcoin options have a notional value of $1.84 billion, with a Put/Call ratio of 1.05. What is the current issue? The key resistance level is at $90,000. A large number of put options are distributed below $85,000, while from $90,000 to $100,000, long positions are gradually accumulating. A "pin risk" has formed around $90,000, meaning the price is susceptible to being tested in both directions.

Ethereum is relatively more balanced, with a notional value of $384 million and a Put/Call ratio of 0.89. The main pain point is at $3,100. Call options are concentrated above $3,000.

Market participants should note that if the spot price remains above the maximum pain point at expiration, position adjustments after options settlement could make market makers more sensitive to subsequent upward movements, potentially serving as a catalyst for further price increases.

BTC0,34%

ETH-3,22%

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AirdropSkeptic

· 01-10 08:54

The $90,000 level is really uncanny, with large positions on both sides. I'm afraid there might be a shakeout this Friday.

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MysteryBoxOpener

· 01-09 13:38

The 90,000 level really can't hold anymore; there are people on both sides waiting to cut in.

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AirdropChaser

· 01-08 16:03

The $90,000 level is indeed a bit restrictive, a double-sided squeeze.

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ZkProofPudding

· 01-08 15:53

The $90,000 level is really a meat grinder, trapped from both above and below.

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SlowLearnerWang

· 01-08 15:46

Once again, the $90,000 barrier—it's really a curse. Another round of options expiration, each time bouncing back and forth here, it's dizzying. $2.2 billion testing the waters here, I just want to know which way they'll push on Friday. Pin risk? Sounds exciting, and I’ll definitely be taking the other side. Ethereum around $3,100 seems more stable? No, I just realized it too late.

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CantAffordPancake

· 01-08 15:45

The 90,000 mark is really a hurdle, stuck in limbo, what should we do on Friday?

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hodl_therapist

· 01-08 15:33

90,000 this level is really amazing, it feels like a big show is coming on Friday --- The risk of pulling the needle is that the market is playing psychological warfare; both sides will face trials --- Both bullish and bearish sentiments are piling up, is this a move to trap retail investors? --- Market makers are going crazy; this kind of situation is basically an ATM for them --- If it breaks through 90,000 and stabilizes, there might really be something behind it --- On the ETH side, it's not as aggressive; 3100 feels easier to handle --- A $2.2 billion options feast, can't sleep on Friday without staying up late

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