By Key Points
- $7.24B in Bitcoin options and $808M in Ethereum contracts expire today.
- BTC’s max pain sits at $86K, ETH at $1,900—both diverging from spot prices.
- Long-term traders target $110K for BTC with bullish cash-secured puts.
- Market volatility expected as open interest clusters near key levels.
Today marks a major shake-up in the crypto derivatives landscape—over $8.05 billion in Bitcoin and Ethereum options expire, a single-day expiry that could impact price action in the short term.
According to Deribit, 77,642 BTC options contracts worth $7.24 billion are due today, with a put-to-call ratio of 0.73, meaning more traders are betting on the price rising. The maximum pain point, or the price level that causes most losses for option holders, sits at $86,000. Bitcoin, however, is trading well above that at $93,471.
Expiring Bitcoin Options. Source: Deribit – Techtoken
On the Ethereum side, 458,926 contracts worth $808 million are expiring. With a put-to-call ratio of 0.74 and a max pain level of $1,900, ETH is currently below that mark, trading at $1,764.
This mismatch—BTC trading above pain, ETH below—indicates that the market may not move in sync today. Analysts from Deribit commented, “Positioning into expiry is anything but aligned.” This imbalance often leads to sudden volatility, as traders scramble to adjust their portfolios.
There’s also heavy open interest clustering in tight price bands: $80K–$90K for BTC and $1,800–$2,000 for ETH, suggesting that significant liquidity and trading activity are focused in these zones. Prices could gravitate toward or swing away from these levels quickly.
Expiring Ethereum Options. Source: Deribit – Techtoken
For those tracking major token trends, the divergence today reflects broader crypto sector unpredictability—similar to recent events in the KiloEx Token drop, where volatility shook up the DeFi trading landscape.
Traders Look Beyond April as Bullish Bets Grow
While today’s expirations might shake the short-term outlook, the long-term sentiment stays bullish, especially for Bitcoin. Traders are actively selling cash-secured puts, a move that allows them to collect yield using stablecoins and potentially buy BTC at discounted prices later. This suggests confidence in Bitcoin’s upward trajectory.
🚨 Options Expiry Alert 🚨
At 08:00 UTC tomorrow, over $8B in crypto options are set to expire on Deribit.$BTC: $7.2B notional | Put/Call: 0.73 | Max Pain: $85K$ETH: $801M notional | Put/Call: 0.73 | Max Pain: $1.9K
BTC trades above max pain, ETH below.
Positioning into… pic.twitter.com/A9xI1dqzoV— Deribit (@DeribitOfficial) April 24, 2025
Most bullish bets are now targeting strikes between $90,000 and $110,000 for expiry windows between April and June 2025. Traders are locking into what they believe will be Bitcoin’s continued rise—a belief boosted when BTC recently broke above the $89,000 mark.
This ties into broader momentum seen across crypto. For example, the Bitcoin breakout analysis earlier this month suggested signs of price strength building across key technical levels—exactly what we’re seeing play out now.
On the prediction platform Polymarket, only a 16% chance is currently priced in for Bitcoin to hit $100K in April, showing some market skepticism. However, activity in Deribit tells a different story—bullish positioning is clearly growing as traders eye summer and fall targets.
BTC traders on Deribit are expressing long-term bullish sentiment, selling cash-secured puts using stablecoins to potentially buy the dip and collect yield.
$100K strike is leading OI.
Cumulative delta across BTC + related ETF options? $9B.— Deribit (@DeribitOfficial) April 24, 2025
Additionally, the Cumulative Delta (CD) metric across BTC and related ETFs on Deribit hit $9 billion, a sign of intense market maker activity. This figure indicates a strong sensitivity to price movements and could amplify volatility, especially around large expiry events like today.
And while it may look like new money is driving this surge, analysts like Tony Stewart from Deribit report that around half of the activity involves rolling up old positions. This means that institutional players aren’t exiting—they’re repositioning for the next phase of the cycle.
Bitcoin price prediction. Source: Polymarket – Techtoken
Macro Trends and Market Moves Add Fuel to the Fire
The crypto market doesn’t move in isolation. A major influence behind Bitcoin’s recent rally came from U.S. economic policy changes. On April 9, former President Donald Trump reversed tariff policies, calming global markets. This sparked a shift from gold to crypto, as investors sought alternative stores of value amid reduced volatility.
This macro shift, combined with a drop in global yields, made Bitcoin more attractive, especially to hedge funds and large asset managers. Unlike traditional retail traders, institutional funds often use arbitrage and yield strategies, not direct price speculation. As noted by analyst Kyle Chassé, “hedge funds don’t bet on Bitcoin’s long-term price—they farm the trade until it’s dead.”
When these trades unwind, they can trigger fast liquidity withdrawals, often accelerating sell-offs. It’s a pattern that may explain some of Bitcoin’s recent price dips—and also why any short-term downside from today’s expiry should be viewed through a macro lens.
The broader market continues to reflect mixed signals. While Bitcoin and Ethereum face expiry headwinds, other tokens are riding unique narratives. For instance, the SUI token saw a 62% price surge recently, fueled by speculation about a Pokemon-themed NFT game. It shows how narratives and catalysts still drive altcoin rallies, even when majors face volatility.
Meanwhile, zkSync and Cardano have faced challenges, reminding investors that not all activity is bullish. Market reactions to exploits and internal debates still heavily influence short-term sentiment across altcoins.
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