Crypto market recap: Bitcoin and Ethereum under pressure ahead of nearly $15 billion options expiry
The cryptocurrency market faced renewed pressure on Thursday as Bitcoin (BTC) slipped 1.6% in the past 24 hours to $111,192, retreating after briefly trading above $113,000 earlier in the day.
Ethereum (ETH) fell 2.4% to around $4,472, while XRP dropped 3.3% to $2.91. In contrast, Solana’s SOL gained 1.3%, emerging as an outlier among major digital assets.
The moves come as traders brace for a wave of volatility tied to the expiration of $14.6 billion in Bitcoin and Ethereum options contracts on Friday. Of that, about $11.47 billion are BTC contracts and $3.13 billion are ETH contracts, according to data from Deribit. Analysts note that Bitcoin’s “max pain” price sits at $115,000 and Ethereum’s at $3,800, suggesting markets may be pulled toward those levels as expiry approaches.
Fear and Greed Index signals neutral mood
Beyond price action, market sentiment remains cautious. The Crypto Fear and Greed Index currently stands at 47, a neutral reading that reflects a market grappling with uncertainty. The index has drifted lower in recent days, echoing concerns from analysts who point to weakening bullish momentum.
Adding to the caution is the Bitcoin Bull Score Index, which recently fell to 20, its lowest reading since major bear cycles in 2018 and 2022. While the sub-20 level has historically persisted for weeks before major downturns, analysts caution that it is too early to conclude a new bear market has begun.
Outlook: Volatility ahead
Due to the upcoming options expiry, which could trigger significant capital flows, traders expect heightened volatility in the coming sessions. Some analysts see potential for a rebound if Bitcoin stabilizes near its max pain level, while others warn that prolonged selling could deepen losses if sentiment worsens.
For now, the crypto market appears to be in a holding pattern — caught between macroeconomic headwinds, options-driven volatility, and cautious investor sentiment.
We also wrote earlier that CFTC proposes guidance to restore U.S. access to global crypto.
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