Around 28,000 Bitcoin options contracts will expire on Friday, April 4, and they have a notional value of roughly $2.25 billion. This week’s event is pretty similar to previous weeks , where derivatives trading has been somewhat muted, so the impact on spot markets is likely to be minimal. Markets have been extremely volatile this week, dumping to a five-month low before bouncing back on the Trump administration’s global trade tariff flip-flops. Bitcoin Options Expiry This week’s batch of Bitcoin options contracts has a put/call ratio of 0.88, meaning that the short and long contract sellers are pretty closely matched. There is also a max pain point of $82,000, which is where most losses will be made. Moreover, open interest (OI), or the value or number of BTC options contracts yet to expire, is highest at the $70,000 strike price, with just over a billion dollars in open contracts betting that Bitcoin will fall further. However, there is a similar amount of OI at the $100,000 strike price as the bulls are maintaining their positions, according to Deribit. Options Expiry Alert At 08:00 UTC tomorrow, over $2.59B in crypto options are set to expire on Deribit. $BTC : $2.32B notional | Put/Call: 0.97 | Max Pain: $82K $ETH : $270M notional | Put/Call: 0.91 | Max Pain: $1,750 With recent market volatility and ongoing tariff… pic.twitter.com/2OywATV66o — Deribit (@DeribitOfficial) April 10, 2025 Crypto derivatives provider Greeks Live said the group was “cautiously bullish” after US President Donald Trump announced a 90-day pause on tariffs, “though many remain skeptical this rally will be sustained,” it added. “Key levels being watched are $85K as a near-term target and $100K as a longer-term resistance, with traders debating whether this news-driven pump will eventually be faded.” Greeks also commented that several traders noted this was a “clear case of insider knowledge” as heavy buying occurred in the $75,000 to $77,500 range hours before the 90-day tariff pause announcement. In addition to today’s tranche of Bitcoin options, there are around 183,000 Ethereum contracts that are also expiring today, with a notional value of $283 million, a max pain point of $1,750, and a put/call ratio of 0.92. This brings Friday’s combined crypto options expiry notional value to around $2.5 billion. Crypto Market Outlook Crypto market capitalization is back in the red, having lost 3.6% over the past 24 hours and declined to $2.65 trillion. After reclaiming $83,000 on Thursday, Bitcoin sank back below $79,000 in late trading in reaction to lower-than-expected CPI figures before recovering marginally to reach $80,000 during Friday morning trading in Asia. Zooming out, the asset has been steadily downtrending since mid-January, having declined 26% from its all-time high. Ethereum is still in bear market territory , having slumped 4% on the day in a fall to $1,540. However, the rest of the altcoins were mixed with minor daily gains for Cardano (ADA), Avalanche (AVAX), and Hedera (HBAR). The post How Will Markets React to $2.2B Bitcoin Options Expiring Today? appeared first on CryptoPotato .
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