Bitcoin and Ethereum Options Contracts Worth Over $2.5B Expire Today, Setting the Stage for Potential Price Action

The cryptocurrency market is on high alert today as over $2.5 billion in Bitcoin and Ethereum options contracts reach expiration

A total of 27,657 Bitcoin options contracts are set to expire today, amounting to $2.23 billion at an average price of $80,305. The put-to-call ratio stands at 0.86, and the maximum pain point is at $81,000.

At the time of writing, BTC is trading at $80,622 on major crypto exchanges, and it’s likely to encounter strong resistance or support at key levels.

Chart 1: Bitcoin Open Interest by Strike Price – TradingView, April 11, 2025

Among the main topics discussed in the crypto sphere today is the upcoming expiry of a massive batch of Bitcoin (BTC) and Ethereum (ETH) options contracts.

The event will take place on Tuesday, with over $2.5 billion in notional value set to expire, setting the stage for potentially major price action and volatility.

As Bitcoin trades at around $80,622 and Ethereum at $1,543, traders are keenly interested in put-to-call ratios, maximum pain levels, and broader macroeconomic crosswinds to gauge the next market move.

Bitcoin Options Expiry: A Signal of Mildly Bullish Sentiment

A total of 27,657 BTC options contracts, valued at $2.23 billion, are set to expire. The put-to-call ratio stands at 0.86, which signals a mildly bullish sentiment.

The maximum pain point—the price at which most options traders would experience maximum loss—is around $81,000, just slightly above the current spot price. This close proximity may lead to more volatile price action as market forces try to push BTC toward or away from this critical level.

Ethereum Options Expiry: A Neutral Picture Emerges

On the other hand, 183,468 Ethereum options contracts, valued at $283.6 million, are also expiring. The put-to-call ratio is 0.92, which indicates a neutral market stance.

ETH’s maximum pain point is at $1,700, presenting a clear resistance zone. However, Ethereum is currently trading well below this threshold. Unless a strong bullish catalyst emerges to propel ETH toward this resistance, the token might remain at these price ranges, contributing to market stagnation.

Chart 2: Ethereum Open Interest by Strike Price – TradingView, April 11, 2025

U.S.-China Tariffs and Global Regulations Keep Traders on Edge

This options expiry also comes amid broader macroeconomic instability, including the ongoing U.S.-China tariff tensions and new regulations in major crypto markets.

Traders on Deribit report heightened demand for puts as traders become more cautious. However, they add that traders are not placing big bets on near-term upside, leading to lower call premiums.

Another worrying trend is the negative volatility skew: OTM puts are now implying higher volatility than OTM calls, which traders prefer in a downmarket. This structure signals greater anticipation of downside risk.

Implied volatility for Bitcoin remains around 50%, while that for Ethereum is a whopping 80%, especially for near-term options, making ETH a hotspot for volatility traders.

Traders Mobilize with Hedging Strategies and Stablecoin Shifts

With the market at a tipping point and traders deploying diverse hedging tactics, here’s a breakdown of the prevailing trends:

Analysts warn that without fresh capital inflows, the market could become stagnant or, worse, experience a black swan event. Risk-averse investors are advised to prepare for tail risk, making vanilla puts and diversified portfolios increasingly appealing.

Where Will BTC and ETH Go From Here?

The long-term outlook for Bitcoin and Ethereum depends on key technical, macroeconomic, and sociopolitical factors.

Bitcoin’s momentum hinges on sustained institutional demand, ETF (exchange-traded fund) inflows, and broader macroeconomic relief. A decisive push above $85,000 would flip sentiment and attract aggressive bulls.

Conversely, failure to break $75,000 could signal prolonged bearish conditions.

Ethereum, on the other hand, needs to reclaim the $2,000 mark to revive bullish conviction. This move would be fueled by continued growth in the DeFi ecosystem and new use cases for the Ethereum network.

However, if Ethereum fails to break through $1,500, it might experience more weakness, especially with major macro events like the U.S.-China trade talks and new crypto regulations impacting market sentiment.