Crypto Markets Bracing for Impact: $2.2B Options Expiry Meets Major Macro Shifts

The cryptocurrency market is currently in a state of high-tension stability. As of January 9, 2026, Bitcoin and Ethereum are hovering near critical price levels while investors await the settlement of over $2.2 billion in options on Deribit and a duo of massive macroeconomic catalysts.

The Options Standoff: "Max Pain" in Play

Prices are currently pinned near "max pain"—the strike price where the most options contracts expire worthless, causing the least amount of financial gain for buyers and the most for sellers.

• Bitcoin ($BTC): Trading around $90,985, nearly perfectly aligned with its $90,000 max pain level. With a put-to-call ratio of 1.05, the market is historically balanced, suppressing volatility ahead of the 08:00 UTC expiry.
• Ethereum ($ETH): Trading at $3,113, slightly above its $3,100 max pain level. Unlike Bitcoin, ETH shows a more bullish bias with a put-to-call ratio of 0.87, suggesting dealers may need to buy spot if the price holds after the expiry.

Macro Catalyst 1: December Nonfarm Payrolls (NFP)

The immediate focus after the options expiry shifts to the US employment report. With 73,000 new jobs expected and the unemployment rate forecasted at 4.5%, the market is on edge.

• The Risk: If wage growth remains "sticky," the Federal Reserve may maintain high interest rates, which typically pressures non-yielding assets like Bitcoin.
• The Opportunity: A softer jobs report could signal a shift toward policy easing, sparking a late-week rally.

Macro Catalyst 2: The Supreme Court and Trump’s Tariffs

Adding to the uncertainty, the US Supreme Court is scheduled to rule today on the legality of emergency presidential tariff powers. Historically, tariff headlines have caused sharp volatility; Bitcoin famously dipped to $74,000 following previous announcements before recovering. Prediction markets currently suggest a potential limitation of these powers, which could introduce fresh trade and growth risks.

Summary: Defensive Positioning

Analysts view the current market behavior as "defensive" rather than bearish. The "volatility compression" seen right now is expected to break once the options settlement passes and the combined weight of the US labor data and the Supreme Court ruling hits the tapes.

January 2026, Cryptoniteuae