Approximately $2.1 billion in Bitcoin and Ethereum options contracts expire today as cryptocurrency markets hold recent gains. Around 22,200 Bitcoin options valued at $1.66 billion are expiring with a put/call ratio of 1, indicating balanced sentiment. For Ethereum, roughly 196,000 contracts worth $460 million are set to expire, contributing to a total market capitalization that has added an estimated $150 billion this week.
A batch of Bitcoin and Ethereum options contracts is expiring on Friday, April 17. Around 22,200 Bitcoin options with a notional value of approximately $1.66 billion are set to expire, which is smaller than the previous week’s event.
This week’s Bitcoin options have a put/call ratio of 1, meaning sellers of longs and shorts are evenly matched. Max pain is around $71,000, according to Coinglass, slightly below current spot prices.
Open interest for Bitcoin options remains highest at the $80,000 strike price on Deribit, with $1.5 billion in bullish bets. Bears maintain $1.4 billion in open interest at the $60,000 strike price.
“Positioning has shifted from last week. BTC flipped from call-heavy to puts leading, while ETH OI grew week-on-week despite the broader market move,” commented Deribit. Total Bitcoin options open interest across all exchanges is $35.6 billion.
For Ethereum, about 196,000 contracts valued at $460 million are expiring. These contracts have a max pain point of $2,225 and a put/call ratio of 0.91, with total ETH options open interest around $7.4 billion.
Crypto derivatives provider Greeks Live stated that as Bitcoin’s price rebounds, implied volatility for major-term options is decreasing. “The market has undergone a re-adjustment of its positional strategies, and the main participants have reached a consensus on the expected trends for the future – low volatility is becoming the prevailing trend in the market,” they noted.
Total market capitalization is currently at a ten-week high of $2.64 trillion but is facing resistance. Bitcoin is hovering around the $75,000 resistance level while Ethereum trades near $2,345 after a 7% weekly gain.
