How Will $2.2B Crypto Options Expiry Impact Markets?
Around 23,200 Bitcoin options contracts will expire on Friday, April 18, and they have a notional value of roughly $1.9 billion.
This week’s event is smaller than previous weeks, but only marginally. Derivatives and spot crypto trading have been declining as volumes and volatility dried up, so the impact on spot markets is likely to be minimal.
Bitcoin Options Expiry
This week’s tranche of Bitcoin options contracts has a put/call ratio of 0.92, 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 on expiry.
Moreover, open interest (OI), or the value or number of BTC options contracts yet to expire, is highest at the $100,000 strike price, with around $1.4 billion, indicating a bullish shift in sentiment as derivatives speculators bet on higher prices.
However, there is a fair amount of OI at the $75,000 strike price as the bears are maintaining their short positions, according to Deribit.
Options Expiry Alert
At 08:00 UTC tomorrow, over $2.25B in crypto options are set to expire on Deribit.$BTC: $1.98B notional | Put/Call: 0.92 | Max Pain: $82K$ETH: $271M notional | Put/Call: 0.88 | Max Pain: $1,600
With vol crushed and skew flat, is the market setting… pic.twitter.com/df4ha3BPdn
— Deribit (@DeribitOfficial) April 17, 2025
Crypto derivatives tooling provider Greeks Live said the group “appears predominantly bullish” in the near term, with expectations of BTC moving up to the $88,000 to $90,000 range within the next week despite slower market activity.
“Some traders are reinforcing put positions while others note the disconnect between spot buying and futures shorting activity, suggesting market participants remain cautious about potential volatility.”
It observed that futures markets are “showing heavy shorting activity” while spot keeps buying, which is “creating a potential short squeeze setup.”
In addition to today’s batch of Bitcoin options, there are around 177,000 Ethereum contracts that are also expiring today, with a notional value of $271 million, a max pain point of $1,600, and a put/call ratio of 0.88. This brings Friday’s combined crypto options expiry notional value to around $2.2 billion.
Crypto Market Outlook
Crypto markets have remained relatively stable over the past 24 hours, with total capitalization at $2.72 trillion.
Bitcoin dipped below $84,000 but rapidly recovered to reclaim $85,000, where it was trading at the time of writing during the Friday morning Asian session.
Ethereum failed to make any progress above $1,600 and has fallen back below this resistance level again, trading at $1,583 at the time of writing.
Greeks said that there were opinions that BTC price is “holding way too well” despite low volume, “suggesting potential for upward movement.” However, analysts agree that consolidation is likely to occur first.
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How Will $2.2B Crypto Options Expiry Impact Markets?
Around 23,200 Bitcoin options contracts will expire on Friday, April 18, and they have a notional value of roughly $1.9 billion.
This week’s event is smaller than previous weeks, but only marginally. Derivatives and spot crypto trading have been declining as volumes and volatility dried up, so the impact on spot markets is likely to be minimal.
Bitcoin Options Expiry
This week’s tranche of Bitcoin options contracts has a put/call ratio of 0.92, 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 on expiry.
Moreover, open interest (OI), or the value or number of BTC options contracts yet to expire, is highest at the $100,000 strike price, with around $1.4 billion, indicating a bullish shift in sentiment as derivatives speculators bet on higher prices.
However, there is a fair amount of OI at the $75,000 strike price as the bears are maintaining their short positions, according to Deribit.
Options Expiry Alert
At 08:00 UTC tomorrow, over $2.25B in crypto options are set to expire on Deribit.$BTC: $1.98B notional | Put/Call: 0.92 | Max Pain: $82K$ETH: $271M notional | Put/Call: 0.88 | Max Pain: $1,600
With vol crushed and skew flat, is the market setting… pic.twitter.com/df4ha3BPdn
— Deribit (@DeribitOfficial) April 17, 2025
Crypto derivatives tooling provider Greeks Live said the group “appears predominantly bullish” in the near term, with expectations of BTC moving up to the $88,000 to $90,000 range within the next week despite slower market activity.
“Some traders are reinforcing put positions while others note the disconnect between spot buying and futures shorting activity, suggesting market participants remain cautious about potential volatility.”
It observed that futures markets are “showing heavy shorting activity” while spot keeps buying, which is “creating a potential short squeeze setup.”
In addition to today’s batch of Bitcoin options, there are around 177,000 Ethereum contracts that are also expiring today, with a notional value of $271 million, a max pain point of $1,600, and a put/call ratio of 0.88. This brings Friday’s combined crypto options expiry notional value to around $2.2 billion.
Crypto Market Outlook
Crypto markets have remained relatively stable over the past 24 hours, with total capitalization at $2.72 trillion.
Bitcoin dipped below $84,000 but rapidly recovered to reclaim $85,000, where it was trading at the time of writing during the Friday morning Asian session.
Ethereum failed to make any progress above $1,600 and has fallen back below this resistance level again, trading at $1,583 at the time of writing.
Greeks said that there were opinions that BTC price is “holding way too well” despite low volume, “suggesting potential for upward movement.” However, analysts agree that consolidation is likely to occur first.
The post How Will $2.2B Crypto Options Expiry Impact Markets? appeared first on CryptoPotato.
Read More