Today, approximately $8.05 billion worth of Bitcoin (BTC) and Ethereum (ETH) options expire, prompting crypto market participants to brace for volatility.
Traders and investors should be particularly attentive to today’s options expiry due to its volume and notional value, which increases the odds of potential influence on short-term trends. The put-to-call ratios and maximum pain points offer insights into possible market directions.
Insights on Today’s Expiring Bitcoin and Ethereum Options
Bitcoin Options Data
- Notional Value: $7.24 billion
- Contracts Expiring: 77,642
- Put-to-Call Ratio: 0.73 (indicating more calls than puts)
- Maximum Pain Point: $86,000
The maximum pain point—the price causing the greatest financial losses for options holders—acts as a potential magnet for Bitcoin’s price due to smart money activity.
👉 Bitcoin Options Trading Strategies
Ethereum Options Data
- Notional Value: $808.3 million
- Contracts Expiring: 458,926
- Put-to-Call Ratio: 0.74
- Maximum Pain Point: $1,900
Ethereum’s expiring contracts surged compared to last week’s 177,130 contracts. Current ETH price ($1,764) trades below its strike price, suggesting potential upward pressure.
Market Sentiment and Price Action
- Bitcoin Price: $93,471 (above max pain)
- Ethereum Price: $1,764 (below max pain)
Deribit analysts note misaligned positioning: "BTC trades above max pain, ETH below. Positioning into expiry is anything but aligned."
Key Observations:
- Open Interest Clustering: Dense activity near $80K–$90K (BTC) and $1.8K–$2K (ETH) hints at short-term volatility or consolidation.
- Bullish Long-Term Signals: Traders sell cash-secured puts to buy BTC dips, reflecting confidence.
Polymarket Prediction: 16% Chance BTC Hits $100K in April
Despite strong open interest around $100K calls, Polymarket data shows low odds for April. Analysts attribute recent bullish momentum to:
- FOMO as BTC breached $90K.
- Stabilizing effects from Trump’s tariff policy reversal (April 9).
👉 Crypto Market Volatility Explained
FAQ Section
1. What is the maximum pain point?
It’s the strike price where most options holders incur losses, often acting as a temporary price magnet.
2. How do options expiries affect crypto prices?
Large expiries can increase volatility as traders adjust positions or market makers hedge exposures.
3. Why is the put-to-call ratio important?
A ratio below 1 (more calls) suggests bullish sentiment; above 1 (more puts) indicates bearishness.
4. Is new capital entering the market?
Deribit’s analysis shows half the activity involved rolling existing positions, not fresh inflows.
5. What’s the outlook for Ethereum?
ETH’s high open interest near $1.9K suggests a tug-of-war; breaking above could trigger upside momentum.
Final Thoughts
Today’s options expiry—with $8.05B at stake—could fuel short-term volatility. Watch BTC’s $86K max pain and ETH’s $1.9K level for directional cues. Long-term bullish signals persist, but traders should monitor hedging activities and macroeconomic triggers.