$8.05 Billion in Bitcoin & Ethereum Options Set to Expire Today

Today, approximately $8.05 billion in Bitcoin and Ethereum options expire, raising alarms for volatility in the crypto market. Bitcoin options total $7.24 billion with a put-to-call ratio of 0.73, while Ethereum options are valued at $808.3 million with a ratio of 0.74. Current pricing shows Bitcoin above its max pain point and Ethereum below, suggesting varied trader positioning that could lead to price fluctuations.

Today marks a significant moment in the crypto world with around $8.05 billion in Bitcoin and Ethereum options set to expire. This hefty amount is raising eyebrows among traders and investors alike, as it could spark some serious volatility in the market. Observers are urged to keep a close watch on today’s expiry due to both its sheer volume and implied notional value, which could sway short-term market movements.

Breaking it down, Bitcoin options account for about $7.24 billion of the total expiry. According to data from Deribit, there are 77,642 Bitcoin options expiring today, with a put-to-call ratio sitting at 0.73. This indicates that more traders are purchasing calls than puts, hinting at a generally positive sentiment. The maximum pain point for these options is pegged at $86,000, which is crucial because it’s the price where most option holders would feel the pinch.

On the Ethereum side, there are 458,926 options contracts expiring with a total notional value of $808.3 million, and a slightly higher put-to-call ratio of 0.74. The max pain point for Ethereum is observed at $1,900. Interestingly, this number is significantly higher than the previous week, during which only 177,130 ETH options expired with a total value of $279.789 million, according to BeInCrypto.

As we update the situation, Bitcoin is trading well above the stated max pain threshold at around $93,471, while Ethereum is trailing below its pain price, currently sitting at $1,764. Analysts from Deribit pointed out the opposing positioning: “BTC trades above max pain, whereas ETH is below. The positioning ahead of expiry doesn’t seem quite aligned.”

The positioning of Bitcoin and Ethereum in terms of open interest reflects considerable activity near their max pain points. The clustering in prices indicates that traders are poised for a possible price consolidation or even volatility, with Bitcoin hovering around $80,000 to $90,000 and Ethereum clustering between $1,800 to $2,000.

Meanwhile, traders on Deribit appear to be selling cash-secured put options on Bitcoin, hinting at a bullish long-term outlook. They’re seemingly leveraging stablecoins to gain premiums and are keen on buying BTC at lower prices, while maintaining a yield. Remarkably, the highest open interest for Bitcoin options is shown around the $100,000 strike, signalling market optimism about hitting this milestone.

Nonetheless, the prediction platform Polymarket suggests that traders foresee only a 16% likelihood of Bitcoin actually reaching $100,000 by April. An intriguing development noticed is a cumulative delta of approximately $9 billion across Bitcoin and related ETF options. This indicates heightened sensitivity to price shifts and suggests forthcoming volatility as market participants hedge their bets.

Kyle Chassé, a crypto analyst, notes that hedge funds traditionally shy away from making long-term bets on Bitcoin appreciation, instead opting for risk-free yield strategies through arbitrage. Furthermore, as liquidity diminishes, these funds often trigger a sell-off in Bitcoin, raising questions about the market stability.

On the flip side, Deribit analysts point to a spike in orders for Bitcoin call options expiring between April and June 2025. Investors have their sights set on targets anchored between $90,000 and $110,000, likely spurred by recent price increases beyond $89,000. Analysts also observe signs of market stabilization following Trump’s tariff policy reversal on April 9, which has, to some extent, dampened global market volatility and encouraged crypto bets as traders pivot away from gold.

Despite the positive spins, it’s critical to note not all movements leading to Bitcoin’s rebound were brand-new investments. Tony Stewart from Deribit mentions that about half of the recent activities involved rolling up existing positions—a sign of strategic adjustments amidst the volatility.