Ethereum option set to expire before Jackson Hole speech, nearly $5 billion Bitcoin

Nearly $5 billion of Bitcoin and Ethereum options are expired today as the marketplace will be instrumental for the Federal Reserve annual Jackson Hole gathering.

This sets the potential volatility stages for the Bitcoin (BTC) and Ethereum (ETH) markets, and traders weigh macro signals from the Fed against technical pressures since contract expiration.

$4.7 billion worth of Bitcoin and Ethereum Options

Data from Deribit shows that open interest on Bitcoin options is currently at 33,855 contracts, representing an expected $3.82 billion.

The Put-to-Call ratio (PCR) is located at 1.30, suggesting a tilt towards downside hedges as traders seek protection.

The strike price for which option owners experience the most collective losses, Mac Spain Points is $118,000.

This is well above the spot price of Bitcoin at the time of writing.

Meanwhile, Delibit analysts have shown that Bitcoin expiration dates depend on, reflecting persistent skepticism in the near future.

Elsewhere, Ethereum’s options market arenas are different, with traders looking to turn around. Open Interest is a 220,630 contract, equivalent to the estimated $943 million.

The Put-to-Call ratio is 0.83, indicating that call demand (purchase agreements) is relatively strong. The maximum pain level for Ethereum is $4,250. It is just below the current price of $4,284, suggesting that traders are approaching equilibrium.

The scale of open interest reflects both Bitcoin and Ethereum interests, whether prices will maintain momentum amid macro headwinds or gain momentum under pressure from hedgeflows.

Market split ahead of the Fed’s Jackson Hole

Analysts at Greeks.Live emphasize that sentiment among ETH traders is cautiously bullish, and that many believe their assets are already at a dead end.

“The key focus is ETH outperformance against BTC. Traders manage their risk by making profits on calls while maintaining some delta exposure with short puts,” they said.

To win one strategy involves waiting for a potential pullback to the $4,100 level before re-entering the short-term call position. This shows optimism and tactical patience with a $4,100 target, just 5% below current Ethereum price levels.

These expired options coincides with this week’s US key economic event, the Fed’s Jackson Hole Economic Symposium.

Traders hope that policymakers will guide the direction of interest rates and liquidity conditions for the remainder of 2025 during the symposium. Based on this, Jerome Powell’s speech later today becomes an important highlight.

“There’s a lot of attention to the Fed’s tips, particularly the speech this Friday at the Jackson Hole Symposium in Wyoming… The market will look to the Fed’s speech on the future direction of monetary policy.”

According to Greeks.live, the block’s bullish and bearish trades reached $1.61 billion and $1.14 billion, accounting for two-thirds of daily options turnover.

Short-term implicitness (IV) decreased despite the pure positioning scale. This shows that institutional investors are not expecting a dramatic market response to this week’s policy event.

Meanwhile, the convergence of expired crypto options of around $5 billion, using the Fed’s most closely monitored policy gathering, creates high stakes drops for Bitcoin and Ethereum.

For Bitcoin, traders are facing steep climbs towards pain up to $118,000, up 4.4% above their current level. For Ethereum, confidence in the bottom ring process can provide resilience, despite the strategy remaining cautious.

Whether Jackson Hole offers volatility shocks or strengthens current calmness, the options market shows traders are placed, hedged and waiting.

The post is nearly $5 billion in Bitcoin, and the Ethereum option, which expires ahead of Jackson Hole’s speech, first appeared on Beincrypto.