BTC Price on Edge as $2.2B in Options Set to Expire Today

On April 11, roughly 28,000 Bitcoin options contracts reached expiration, representing a total notional value of approximately $2.26 billion. The put/call ratio stood at such height, that at 0.88 level meant it has a relatively balanced mix of bearish and bullish positions. These options suffered the max pain point of $81,500, this is the price level when the most contracts would be underwater after expiry.

At the striking $70,000 option, open interest remained high, indicating many traders will still expect downward movement in the near term. Nevertheless, the open interest at the $100,000 strike is also of a similar level, which suggests that bullish sentiment is far from dead. The current market represents a split between traders waiting for further decline and traders waiting for a price recovery.

Market Sentiment Shaken by External Developments

External policy events dominated markets this week and will continue to do so, particularly concerning U.S. trade policies. Bitcoin fell to a five-month low before partially recovering after the Trump administration paused new tariffs for 90 days. This however sparked a temporary relief rally but traders were still not sure of its sustainability.

Data provider Greeks Live noted unusual trading behavior ahead of the announcement. “Several large purchases were made in the $75,000 to $77,500 range just before the tariff news broke,” the group stated. “Some market participants believe the timing suggests advance knowledge, though there’s no direct evidence.” This has added to market tension, with questions circulating about transparency and fairness.

11 Apr Options Delivery Data
28,000 BTC options expired with a Put Call Ratio of 0.88, a maximum pain point of $81,500 and a notional value of $2.26 billion.
184,000 ETH options expired with a Put Call Ratio of 0.92, a max pain of $1,700 and a notional value of $280 million.… pic.twitter.com/URjpOAEkFm

— Greeks.live (@GreeksLive) April 11, 2025

Greeks Live also noted that traders are watching key levels closely. “The $85,000 mark is seen as a short-term target, while $100,000 continues to act as long-term resistance,” the report added. Despite recent gains, skepticism remains over whether the current momentum can hold through the next few weeks.

Ethereum Options Also Expire With Elevated Volatility

Alongside Bitcoin, about 184,000 Ethereum options contracts also expired on April 11. These contracts carried a notional value of roughly $280 million. The put/call ratio for ETH options was 0.92, and the max pain price stood at $1,700, according to Deribit data.

Ethereum’s implied volatility remains elevated compared to Bitcoin. While BTC’s IV has dropped closer to 50% across maturities, ETH is holding near 80% for short- to mid-term contracts. Some traders see this as an opportunity for short-term option selling. “Given the premium levels, many are focusing on ETH options for short-term strategies,” said a derivatives analyst at a trading firm.

Crypto Market Remains Under Pressure

Cryptocurrency market overall is still under the downward pressure. In the past 24 hours, the total market capitalization has dropped by 2.9 percent to $2.664 trillion. Bitcoin, after recovering briefly to $83,000, dropped below $79,000 following lower-than-expected inflation data. By the morning of Friday Asian time, it managed to recover slightly to $80,000.

Despite the recovery, Bitcoin remains approximately 26% below its all-time high set earlier this year. Ethereum has also fallen 4% on the day to $1,540. Except for Cardano (ADA), Avalanche (AVAX), and Hedera (HBAR), the other major altcoins also registered small gains. This is, however, continuing to be tempered by lower sentiment and liquidity which go a long way in affecting price stability in the overall market.