TL;DR

$2.2B in BTC and ETH options expire on Deribit at 8:00 UTC, pinning BTC near $90,000 max pain and ETH near $3,100.
BTC positioning is balanced while ETH skews to calls; analysts say hedging can compress volatility until settlement, then moves emerge.
Two catalysts follow: US jobs data at 8:30 a.m. ET and a Supreme Court tariff ruling on Jan. 9, 2026, both capable of jolting markets.

Bitcoin and Ethereum were pinned near key “max pain” levels as more than $2.2 billion in options were set to expire on Deribit at 8:00 UTC. Bitcoin traded around $90,985, almost on its $90,000 max pain, while Ethereum hovered near $3,113, just above $3,100. Together, the contracts total about $1.89 billion in BTC options and $396 million in ETH options. In this setup, dealer hedging can suppress volatility into expiry, creating a classic pre-expiry standoff. After settlement, hedges can unwind and let prices react more freely again as traders digest a macro calendar later today.

Macro Catalysts Could Define the Post-Expiry Move

Bitcoin’s expiring book looked unusually balanced. Open interest showed 10,105 call contracts versus 10,633 puts, a put-to-call ratio of 1.05, a symmetry that reinforces dealer hedging around max pain. Ethereum leaned more bullish, with 67,872 calls against 59,297 puts and a 0.87 ratio. Deribit analysts noted call positioning clustered above $3,000 and said holding above max pain could leave dealers more reactive to upside continuation. With that setup, post-expiry flows may drive the next move, echoing Kyle Doops’ view that direction usually shows up after settlement. That leaves both markets tight now, but still primed.

Options are only one layer of today’s risk stack. Macro pressure builds ahead of the US December employment report, due at 8:30 a.m. ET, which the analysis calls the dominant near-term catalyst. The US dollar has strengthened into the release, with the DXY index up about 0.5% over the past week, weighing on non-yielding assets such as gold and Bitcoin. Economists surveyed expect 73,000 jobs versus 64,000 previously, with unemployment at 4.5% versus 4.6%. For traders, average hourly earnings are the swing factor, since sticky wages could lift yields and pressure Bitcoin later in session.

A second macro catalyst arrives from Washington. The US Supreme Court is expected to rule on the legality of tariffs imposed by the Trump administration under emergency presidential powers, with a decision due Friday, January 9, 2026. Prediction markets lean toward an outcome that limits tariff authority, a result framed as introducing short-term trade and growth risks. Crypto has reacted to tariffs before: Bitcoin slid to around $74,000 after tariff announcements last year, then rebounded as negotiations progressed. With hedging pinning prices, directional clarity likely follows expiry, once labor data and the tariff ruling land.

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Filed under: News - @ January 9, 2026 2:29 pm