NextFin news, On Thursday, October 9, 2025, the cryptocurrency market faced significant pressure as $5.6 billion worth of options contracts for Bitcoin, Ethereum, and XRP were set to expire, coinciding with a hawkish speech by Federal Reserve Chair Jerome Powell that left investors uncertain about future monetary policy.
The largest portion of the expiry involved Bitcoin, with over 38,000 BTC options valued at $4.6 billion expiring on the Deribit exchange. The put-call ratio of 1.1 indicated a bearish tilt among traders, who favored put options over calls amid recent market declines. The max pain price for Bitcoin options was $118,000, below the then-current trading price of approximately $120,800, suggesting limited likelihood of a price rebound to that level.
Ethereum options worth nearly $930 million were also expiring, with 215,000 ETH contracts involved. The put-call ratio stood at 0.92, slightly bearish, and the max pain point was $4,400, above Ethereum's trading price of around $4,317. Analysts noted low implied volatility for Ethereum, with some predicting a potential drop below $4,300 if Bitcoin gained upward momentum.
Meanwhile, XRP faced downward pressure as $9 million in options expired. The put-call ratio of 0.67 and a max pain price of $2.95 contrasted with XRP's market price near $2.80. Market observers warned that a break below $2.78 could trigger further price corrections, despite ongoing anticipation of an XRP ETF approval.
Jerome Powell's speech, delivered amid a prolonged U.S. government shutdown, offered no clear guidance on future interest rate policy, contributing to market volatility. The U.S. dollar and 10-year Treasury yields rose on economic growth concerns, further pressuring crypto prices. The overall crypto market capitalization risked slipping below $4 trillion due to potential liquidations triggered by the options expiry and macroeconomic uncertainty.
Market data showed that Bitcoin's 24-hour call volume exceeded put volume, indicating cautious optimism among some traders despite the bearish put-call ratio. Ethereum's implied volatility remained subdued, signaling low expected price swings in the short to medium term.
The confluence of a large options expiry and a hawkish Fed speech underscored the fragile state of the crypto market on Thursday, with investors closely monitoring price movements and macroeconomic signals for cues on the next directional move.
Disclaimer: This report is for informational purposes only and does not constitute financial advice. Cryptocurrency trading involves significant risk of loss.
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