Approximately 147,000 Bitcoin options contracts are set to expire on Friday, November 28, marking a larger-than-usual expiry event due to the end-of-month schedule, according to market data. The expiring BTC options carry a put/call ratio of 0.58, signaling a greater number of long positions than shorts. Open interest on Deribit is heavily concentrated near the maximum pain level, with additional sizeable positions at lower strike prices.
This week’s US Producer Price Index (PPI) data came in hotter than expected, adding macro uncertainty. Earlier in the week, CryptoQuant reported the largest drop in open interest of the current market cycle, framing the move as a major leverage washout rather than the start of a broader downturn.
Alongside BTC, roughly 573,000 Ethereum options are also expiring today, with a put/call ratio of 0.50, according to exchange data. In total, the notional value of both BTC and ETH options expiring represents a significant volume for the derivatives market. Crypto market capitalization held relatively steady over the past 24 hours. Bitcoin repeatedly tested resistance but failed to break above it, while Ethereum slipped below a key resistance area during Asian trading hours.
