A massive round of Bitcoin and Ethereum options contracts is set to expire on Friday, Nov. 28, coming just days after the crypto market witnessed one of the biggest leverage flushouts of the current cycle. Analysts say the expiry could influence short-term volatility, with open interest now heavily clustered near key resistance and “max pain” levels.
147,000 BTC options expire — put/call ratio signals bullish positioning
According to market data, around 147,000 Bitcoin (BTC) options contracts are expiring, marking one of the larger monthly expiries. The put/call ratio stands at 0.58, indicating more call positions than puts and suggesting traders continue to lean bullish.
Deribit data shows a high concentration of open interest around the max pain strike, alongside notable clusters at lower levels. BTC is currently trading just under a strong technical resistance zone after repeatedly failing to break higher.
573,000 ETH options also set to expire
A bigger expiry looms for Ethereum (ETH), with 573,000 ETH options contracts set for settlement. The put/call ratio is even lower at 0.50, pointing to a call-heavy structure that could support short-term optimism.
Deribit noted that overall positioning has stabilized around major support–resistance zones, with call interest rising as volatility cooled.
Leverage washout resets the market
Earlier this week, U.S. Producer Price Index (PPI) inflation surprised to the upside, coinciding with a sharp decline in crypto derivatives open interest. According to CryptoQuant, the drop was the largest leverage flush of the entire cycle, wiping out over-leveraged positions and resetting market structure.
Analysts described the event as a deleveraging move, not necessarily the start of a bear trend.
Market holds steady as majors hover under resistance
Despite the volatility, total crypto market capitalization has remained comparatively stable over the past 24 hours. Bitcoin continues to test overhead resistance without a decisive breakout, while Ethereum slipped back below its own key resistance level during Asian trading hours.
With such a large expiry across BTC and ETH, traders will be watching whether the options settlement helps provide direction — or if the market continues to consolidate under major resistance.
