8.05 Billion USD Bitcoin And Ethereum Options Expire Today: What Is The Impact On The Market?

Today, about 8.05 billion dollars worth of Bitcoin options (BTC) and Ethereum (ETH) will expire, forcing participants in the crypto market to prepare for volatility. Traders and investors should pay special attention to today's options expiration date due to its volume and notional value, increasing the likelihood of potential influence on short-term trends. However, the put-to-call ratio and maximum pain point provide insight into what to expect and possible market directions. Detailed information about Bitcoin and Ethereum options expiring today The notional value of Bitcoin options expiring today is $7.24 billion. According to data from Deribit, 77,642 Bitcoin options expiring have a put-call ratio of 0.73. This ratio indicates the popularity of call options (call) over put options (put). The data also shows that the maximum price for these expiring options is $86,000. In crypto options trading, the maximum price is the price at which the asset will cause the most financial loss for the holder.

In addition to Bitcoin options, 458,926 Ethereum options contracts will expire today. These expiring options have a notional value of $808.3 million, a put-to-call ratio of 0.74, and a maximum tolerance of $1,900. The number of Ethereum options expiring today is significantly higher than last week. BeInCrypto reports that the ETH options that expired last week were 177,130 contracts, with a nominal value of 279.789 million dollars.

At the time of writing this article, Bitcoin is trading much higher than the painful maximum of $86,000 at $93,471. Meanwhile, Ethereum is trading lower than the strike price of $1,900 at $1,764. "BTC is trading above the maximum pain level, ETH below it. Positioning at the expiration time is not aligned at all," Deribit analysts commented. With a maximum price of (, also known as the strike price ), it often acts as a magnet attracting prices due to the smart actions of investors, both Bitcoin and Ethereum can move towards their respective price levels. The positions of both BTC and ETH open interest indicate high trading activity near maximum pain levels. The dense concentration of their respective frequency charts around the $80,000 to $90,000 levels for Bitcoin and approximately $1,800 to $2,000 for Ethereum suggests this. Polymarket: Only a 16% chance that the price of Bitcoin will reach $100,000 in April. According to Deribit, traders are selling cash-secured put options on Bitcoin. Furthermore, they are using stablecoins to collect premiums while positioning themselves to buy BTC at lower prices. This reflects a long-term bullish outlook. "BTC traders on Deribit are showing a long-term bullish sentiment, selling cash-secured put options using stablecoins to be able to buy in when prices drop and profit," Deribit wrote. Analysts on Deribit also note the highest open interest for BTC options around the strike price of $100,000. This indicates strong market expectations for Bitcoin to reach this level. However, data on the Polymarket prediction platform shows that traders estimate only a 16% chance of BTC reaching $100,000 by April.

Another interesting observation is that Delta accumulated (CD) on BTC and ETF options (exchange-traded funds) related on Deribit reached 9 billion dollars. While this shows a high sensitivity to changes in Bitcoin prices, it also indicates potential volatility as market makers hedge their positions. This aligns with the comments of crypto analyst Kyle Chassé that hedge funds never bet on the long-term price increase of Bitcoin. Instead, they exploit risk-free profits by using arbitrage. When the trading ends, they withdraw liquidity, exacerbating the sell-off of Bitcoin. However, analysts at Deribit also revealed an increase in the purchase of Bitcoin call options for contracts expiring from April to June 2025. Investors are said to be targeting strike prices between $90,000 and $110,000, a sentiment driven by Bitcoin's price surpassing $89,000. This indicates that bullish market sentiment may be driven by FOMO as the price of BTC exceeds 90,000 dollars. Analysts also emphasize the stabilizing effect on the market from the reversal of Trump's tariff policy on April 9. This move has reduced global market volatility, likely encouraging the shift of investments from gold to crypto, contributing to the recovery of Bitcoin prices. However, not all activities leading to Bitcoin's recovery involve new money or new capital inflows. According to Tony Stewart's analysis from Deribit, half of that relates to increasing existing positions, indicating a strategic adjustment by traders.