20,000 BTC·120,000 ETH options notional value $2.7 billion, January exchange influence analysis

0xInsomnia · 2026-01-28T14:25:44+00:00

The analysis highlights a major options burn on January 16, with a nominal impact of $2.73 billion, focusing on Bitcoin and Ethereum. Bitcoin options show a $2.3 billion value and a pronounced put-call ratio of 1.39, while Ethereum options reach $430 million with a resistance at $3,200. The market shows prominence in put option selling, suggesting volatility and market direction will hinge on these structural changes.

0xInsomnia

2026-01-28 14:25:44

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On January 16th, a large-scale options burn took place, capturing the market’s attention with a ripple effect worth approximately $2.73 billion. Based on data from Greeks.live, this analysis highlights the structural changes in Bitcoin and Ethereum options and fluctuations in trading volume.

BTC Options $2.3 Billion Nominal Value, Deepening Put-Call Ratio

With 20,000 Bitcoin options being burned, a nominal value of $2.3 billion has been established. Notably, the put-call ratio stands at 1.39, indicating a prominent put option skew. The maximum resistance level is set at $92,000, and as the current BTC price hovers around $90.22K, the significance of this level is increasingly emphasized.

ETH $430 Million Nominal Value Options, Attention on $3,200 Resistance

In a scenario where 120,000 Ethereum options are expiring, a trading volume of $430 million in nominal value has been observed. The maximum resistance is set at $3,200, and compared to the current Ethereum price of $3.03K, it shows a slight correction from the recent high. The scale of nominal value at this level serves as a key benchmark for major market trading activity.

Dominance of Put Option Selling, Sideways Movement Above $90,000 Prevails

Bitcoin approached near $98,000 this week, exposing itself to significant call option selling pressure around the $100,000 mark. The market is expected to remain sideways at this level, with a notable decline in put option prices reflected in the options data, making put selling a core trading driver. This shift in trading structure based on nominal value is likely to be a crucial factor in determining future volatility and market direction.

BTC1,19%

ETH-2,05%

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