The expiry of $1.81 billion in bitcoin options on Jan. 23 at 3 a.m. EST coincided with a sharp move in the world’s largest cryptocurrency, underscoring the outsized influence of derivatives on spot price action.

After closing the previous session just shy of the psychologically important $90,000 level, bitcoin quickly slipped to $88,800 before staging a brief rebound to $89,500. That recovery proved fleeting, however, as renewed selling pressure dragged prices back down to approximately $88,700.

A key driver of the downside momentum was persistent weakness in spot bitcoin exchange-traded funds, which recorded their fourth consecutive day of net outflows. Market data showed withdrawals of $32 million on the day.

Analysts linked the sustained ETF redemptions to a broader climate of “extreme fear” in global markets triggered by turbulence in the Japanese bond market, which has rattled investor confidence and spilled over into risk assets.

Read more: Japan Bond Shock Ripples Into US Treasuries as Crypto Watches Closely

The options expiry itself was widely flagged as a potential liquidity event. According to Deribit, the leading crypto options and futures exchange, contracts worth $1.81 billion settled with a put/call ratio of 0.74 and a “max pain” level at $92,000.

This positioning suggested that dealers and hedgers were bracing for heightened volatility, with the clustering of strikes amplifying sensitivity in spot markets.

“Expiry positioning is tightly clustered around key strikes, keeping spot sensitive into the cut. Geopolitics and trade policy uncertainty remain the macro backdrop, supporting hedging demand and keeping vol reactive,” Deribit said in post on X.

Bitcoin’s whipsaw price action proved particularly punishing for short sellers. Market data revealed that $83 million in short positions were liquidated within just four hours, a stark contrast to the relatively modest $8 million in long liquidations during the same window.

However, bitcoin later staged a remarkable recovery, surging past the $90,000 threshold and restoring its market capitalization above $1.8 trillion. The rebound suggested that once the expiry overhang was removed, hedging constraints eased, unleashing a burst of volatility that favored the upside. At the time of writing, bitcoin was trading around $90,745, with momentum building toward a potential test of the $91,000 level.

• What happened on Jan. 23 with bitcoin options? $1.81 billion in Bitcoin options expired, sparking sharp price swings around $90,000.
• Why did bitcoin drop below $89,000? Persistent ETF outflows and global market fear pressured prices lower.
• What is the “max pain” level for this expiry? Deribit data showed max pain at $92,000 with a put/call ratio of 0.74.
• How did traders react to the volatility? Over $83 million in short positions were liquidated before Bitcoin rebounded above $90,000.

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