On July 11, 2025, Bitcoin (BTC) skyrocketed past $118,000, while Ethereum (ETH) reclaimed $3,000, fueling a bullish crypto market. Altcoins followed suit, riding the wave of optimism. However, a massive $5 billion options expiration on Deribit today—$4.3 billion in BTC and $710 million in ETH—threatens volatility.
The BTC options put/call ratio is 1.05, with a maximum pain point at $108,000, while ETH’s ratio is 1.11, with a pain point at $2,600. These levels, where option traders face the largest losses, could trigger market manipulation as prices hover above. Greeks analysts note that despite the rally, institutional investors remain cautious, and the options market lacks full FOMO, signalling hesitation amid the bull run.
Analysts describe a “major bull market” sentiment, with BTC hitting new all-time highs and ETH briefly touching $3,000. Yet, the $5 billion options expiry could jolt prices, potentially driving BTC and ETH toward their pain points. Social media buzz warns of a possible “earthquake” in crypto markets, urging traders to brace for sudden swings.
With Bitcoin and Ethereum back in the spotlight, traders face a high-stakes day. The market’s bullish sentiment clashes with the risk of a sharp correction, making it critical to monitor price action closely around the expiration window.
