Bitcoin and Ethereum face $14 billion options expiry test
Today marks a pivotal moment for the cryptocurrency market as over $14.21 billion in Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH) options are set to expire, potentially influencing short-term price trends.
Bitcoin options account for $12.075 billion of the total notional value, with a put-to-call ratio of 0.49, indicating a higher prevalence of call options.
The maximum pain point for Bitcoin is $85,000, the price level that would result in the greatest financial losses for option holders.
Ethereum options comprise $2.135 billion in notional value, with a put-to-call ratio of 0.39 and a maximum pain point at $2,400.
This quarterly expiry is significant due to its alignment with the last Friday of March, a convention adopted by Deribit to mirror traditional financial market practices.
Compared to last week’s expiry, which involved $1.826 billion in BTC and $264.46 million in ETH options, today’s figures highlight the scale of this event.
Deribit analysts observed implied volatility curves for both assets, noting Bitcoin’s strong upside skew with calls priced higher than puts.
Ethereum’s flatter curve suggests less directional bias but still reflects elevated volatility heading into or following the expiry.
Market sentiment remains cautiously bearish for Bitcoin, with traders anticipating a retest of levels around $84,000–$85,000.
Some analysts also highlight resistance at $88,400 and support at $77,000 as key technical levels to watch.
Greeks.live analysts noted that implied volatility is under pressure due to the quarterly delivery, presenting opportunities for traders to exploit deviations through strategic adjustments.
As traders navigate this high-stakes expiry event, the outcome could set the tone for Q2 price movements in the cryptocurrency market.
Both Bitcoin and Ethereum markets are expected to experience heightened activity as contracts are settled or rolled over, potentially leading to notable price swings.
At the time of reporting, the Bitcoin price was $85,081.24, and the Ethereum price was $1,906.16.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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