2026-01-16 17:34:16

BTC and ETH options wrapped up their January 16 expiration cycle with notable positioning signals. The 20,000 BTC contracts that expired showed a put/call ratio hitting 1.39, suggesting more downside hedging relative to bullish calls. The max pain level landed around $92,000 with roughly $2.3 billion in notional value at stake. Meanwhile, 120,000 ETH options also cleared the board—here the put/call ratio sat at 1.04, nearly balanced between bears and bulls. The maximum pain point settled near $3,200, with approximately $430 million notional exposure. These numbers hint at where the market's largest pain could occur if positions get squeezed, giving traders a snapshot of institutional hedging and speculative betting across both major cryptocurrencies.

BTC0,27%

ETH0,91%

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RuntimeError

· 16m ago

1.39 the put/call ratio, feels like institutions are laying out a bunch of insurance before疯狂抄底... got it? --- 92k, is this max pain really real or is it about to break through again? Anyway, I don't believe it. --- ETH's 1.04 ratio looks very balanced, but in reality, no one knows what’s next, it's frustrating. --- The nominal value of 2.3 billion is pressing on BTC, is it supposed to be so刺激... --- It looks like the shorts are laying down defenses, but when it broke below in September, these hedges didn't save my position. --- Institutional hedging? Basically, they're preparing for another wave of行情. --- 43 billion ETH exposure, that's interesting. --- The concept of max pain sounds like the market maker is telling you where they want to go.

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ProofOfNothing

· 01-16 18:02

This put/call ratio makes me a bit nervous; the number 1.39 indicates the market is still a bit hesitant.

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SleepyArbCat

· 01-16 18:02

Hmm... it's the same old max pain trick, always able to cut a wave of people each time.

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MevTears

· 01-16 18:00

92k max pain, the bears are starting to act up again. The put/call ratio clearly shows that institutions are building short positions. BTC still needs to drop further.

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GasFeeBarbecue

· 01-16 17:55

Can't understand put/call at all, just know to follow the trend and buy the dip. Heard that a dump is coming, so I quickly run away.

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TeaTimeTrader

· 01-16 17:45

92k max pain? Haha, here we go again. The institutions' current short hedge is really no joke.

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