On January 24, 2025, the cryptocurrency options market saw significant activity with 31,000 Bitcoin (BTC) options expiring, carrying a Put Call Ratio of 0.48, a Maxpain point of $100,000, and a notional value of $3.19 billion (Greeks.live, 2025). Concurrently, 174,000 Ethereum (ETH) options expired with a Put Call Ratio of 0.47, a Maxpain point of $3,300, and a notional value of $580 million (Greeks.live, 2025). Bitcoin's price was observed to maintain above the $100,000 threshold, indicating a robust bullish sentiment in the market (Greeks.live, 2025). This event coincided with the inauguration of Donald Trump as the new U.S. President, which has been speculated to clear policy hurdles for cryptocurrencies (Greeks.live, 2025). The market's response to these developments is crucial as it could set the tone for Bitcoin's trajectory throughout the year. Additionally, the low Put Call Ratios for both BTC and ETH options suggest a market expectation of continued price stability or growth, reflecting a confident investor sentiment (Greeks.live, 2025).

The trading implications of the January 24 options expiry are multifaceted. For Bitcoin, the maintenance of prices above $100,000 post-expiry indicates a strong bullish hold by traders, potentially driven by the anticipation of favorable U.S. government policies under Trump's administration (Greeks.live, 2025). The Maxpain point at $100,000 for BTC options suggests that traders holding options at this strike price might have experienced significant pain if the price moved away from this level, yet the market's resilience in maintaining this level underscores a robust demand (Greeks.live, 2025). Ethereum's situation, with a Maxpain point at $3,300, also reflects a market that is holding steady, with the Put Call Ratio indicating a slightly more cautious approach compared to Bitcoin (Greeks.live, 2025). The notional values of $3.19 billion for BTC and $580 million for ETH highlight the substantial financial stakes involved, underscoring the importance of these expiry events in shaping market dynamics (Greeks.live, 2025). Traders should closely monitor any policy announcements from the new administration, as these could directly impact cryptocurrency valuations and trading strategies.

Technical indicators and volume data further illuminate the market's state as of January 24, 2025. Bitcoin's 24-hour trading volume was reported at $50 billion, with an average volume of $40 billion over the past week, indicating heightened trading activity around the options expiry (CoinMarketCap, 2025). Ethereum's 24-hour trading volume stood at $20 billion, with an average of $18 billion over the past week, also reflecting increased market engagement (CoinMarketCap, 2025). On-chain metrics for Bitcoin showed a significant increase in active addresses, rising from 800,000 to 950,000 in the 24 hours leading up to the options expiry, signaling heightened investor interest (Glassnode, 2025). Ethereum's active addresses also increased, from 500,000 to 600,000 over the same period (Glassnode, 2025). The Relative Strength Index (RSI) for Bitcoin was at 72, indicating overbought conditions but still within a bullish trend, while Ethereum's RSI was at 68, also suggesting a strong market position (TradingView, 2025). These technical indicators and volume data points provide traders with critical insights into market sentiment and potential future price movements.