On Friday, April 4, approximately 26,000 Bitcoin options contracts are set to expire, with a total notional value of around $2.1 billion. This week’s event represents a more moderate occurrence in the crypto options landscape, particularly when juxtaposed against last week’s significant end-of-month and end-of-quarter expiry.
The anticipated impact on spot markets appears minimal, as traders are still grappling with the implications of the Trump administration’s recent global tariff announcements. The market sentiment remains cautious, leading to a lack of clarity on immediate price movements.
Bitcoin Options Overview
The current batch of Bitcoin options has a put/call ratio of 1.27. This indicates that the number of put (short) contracts slated for expiration exceeds that of call (long) contracts. Traders are focusing on a max pain point set at $85,000—where most losses will occur. Furthermore, open interest (OI) in Bitcoin options is decreasing, particularly at elevated strike prices. Reports from Deribit reveal nearly $850 million in OI at strike prices of $90,000 and $100,000, as traders seem to be losing faith in potential upward price movements.
Additionally, there is over $900 million in OI at the $80,000 strike price and more than $700 million at $70,000, illustrating a growing bearish sentiment among derivatives traders regarding the longer-term outlook.
Options Expiry Alert!
Last week’s quarterly expiry was intense, but this week’s setup is far more subdued—positioning remains crucial.
At 08:00 UTC tomorrow, ~$2.5B in crypto options are up for expiry. $BTC: $2.16B notional | Put/Call: 1.27 | Max Pain: $85K $ETH: $371M… pic.twitter.com/zPezzcVn1B
– Deribit (@DeribitOfficial) April 3, 2025
According to insights from crypto derivatives provider Greeks Live, the market remains predominantly bearish, with expectations of continued volatility. Reports indicate that traders have been actively selling calls, particularly at strike levels of $87k to $94k, to prepare for the April 4 expiry. There is growing skepticism about any upward momentum, with some traders humorously noting that confidence in a bullish turn is waning.
Today not only brings notable expiries in Bitcoin but also around 204,000 Ethereum contracts set to expire, valued at approximately $372 million, with a max pain point at $1,850 and a put/call ratio of 1.32. This culminates in a combined notional value of about $2.5 billion in crypto options expiries for this Friday.
Crypto Market Outlook
The overall sentiment in the spot markets has seen a retreat, with total market capitalization falling by 6.5% since last Friday, now at $2.75 trillion. Bitcoin has faced considerable pressure, reaching an intraday low below $81,500 before a brief recovery, only to fall back under the $83,000 mark during Friday morning trading in Asia.
Likewise, Ethereum continues to languish at bear market lows, dropping below $1,800, levels not seen since October 2023. The broader trend indicates a weakness among altcoins as market sentiment continues to shift towards bearishness.
In conclusion, as we approach this week’s $2.5 billion expiry event, traders should remain vigilant, mindful of market signals and the overall bearish tone that seems to dominate the current crypto landscape.
The full article can be viewed on CryptoPotato.
