Ethereum Options Skew Bearish Into Expiry as Prices Near Key Max Pain Levels

Ethereum (ETH) options open interest on Deribit tilted toward puts ahead of Friday expiries, signaling a more defensive stance even as spot prices slid toward key strike levels that could influence intraday hedging flows. Solana (SOL) positioning appeared broadly balanced, while XRP (XRP) showed a split picture—bullish open interest on paper, but put-heavy trading over the past day.

As of Friday 3:40 a.m. ET, Deribit data showed same-day expiring options open interest of 124,943 contracts for Ethereum (about $233.5 million notional), 11,382 for Solana (about $8.61 million), and 1,944 for XRP (about $2.16 million). The open-interest put/call ratio—often used as a read on outstanding positioning—stood at 1.29 for Ethereum, 0.82 for Solana, and 0.76 for XRP.

Ethereum’s put/call ratio above 1 suggests that bearish bets and downside hedges dominated the outstanding book into expiry. Solana’s 0.82 pointed to a near-neutral stance with a slight call bias, while XRP’s 0.76 implied relatively stronger upside interest in open positions despite weakness in broader market prices.

Deribit’s estimated 'max pain' levels—where option buyers collectively lose the most at expiry—were pegged at $1,875 for Ethereum, $77 for Solana, and $1.12 for XRP. Notably, those levels sat close to spot prices at the time of observation, increasing the likelihood of strike-related hedging activity as expiration approached.

In Ethereum’s expiry stack, the largest open interest was concentrated in the $1,875 call, with sizable positions also at the $1,600 put and the $2,000 call. The distribution suggested a market simultaneously bracing for renewed downside pressure while keeping exposure to an upside rebound, with $1,875 acting as a focal point for short-term positioning.

Solana’s biggest open interest was clustered around the $79 call, followed by the $78 call and the $76 put. While calls made up much of the top open-interest strikes, the presence of a large $76 put position indicated meaningful demand for protection just below the market—consistent with a constrained, range-oriented outlook into expiry.

XRP’s largest open interest was at the $1.20 call, but leading put strikes at $1.10 and $1.12 also ranked near the top. That mix pointed to competing narratives: expectations for an upside rebound paired with 'downside defense' concentrated around the $1.12 max pain zone.

Trading activity over the past 24 hours told a more nuanced story. Total options volume reached 119,342 contracts for Ethereum, 8,781 for Solana, and 967 for XRP. The volume-based put/call ratio came in at 0.76 for Ethereum, 0.88 for Solana, and 1.54 for XRP—suggesting that while Ethereum and Solana saw modest call-led demand consistent with rebound positioning, XRP traders were more actively buying puts, reflecting heightened short-term caution.

The most actively traded contracts further highlighted where traders were concentrating their attention. For Ethereum, heavy flow was seen in $2,050, $2,000, and $2,150 calls expiring July 31, alongside a notable $1,600 put expiring Aug. 7 and a $2,200 call expiring Aug. 7. In Solana, an $80 call expiring Sept. 25 led activity, with additional flow in a $75 put expiring July 31 and both $77 calls and puts expiring July 25. XRP’s most traded contracts included $1.12 puts and $1.12 calls expiring Friday, followed by $1.10 puts expiring July 31, a $1.04 put expiring Aug. 7, and a $1.15 call expiring Sept. 25.

Spot prices were under pressure at the same time. At 3:40 a.m. ET, Ethereum traded at $1,870, down 2.91% on the day, while Solana fell 2.64% to $75.55 and XRP dropped 2.47% to $1.11. With ETH and XRP hovering near their respective max pain levels, market participants will be watching whether expiration-related hedging amplifies volatility or pulls prices toward the most crowded strikes into the close.