Today signals a pivotal turning point in the cryptocurrency landscape, with an impressive $8.05 billion in Bitcoin and Ethereum options set to expire.
This expiration, occurring on the major derivatives platform Deribit, is anticipated to stir significant volatility in the markets, drawing the keen attention of both short-term traders and institutional investors as they monitor the developments closely.
Although large options expirations are commonplace in the crypto sphere, the sheer magnitude of today’s event is striking. Analysis of put-to-call ratios and maximum pain points indicates potential for notable price fluctuations in either direction.
For Bitcoin, 77,642 options contracts are up for expiration, carrying an impressive notional value of $7.24 billion.
Source: Deribit
The configuration of these contracts leans more towards calls than puts, reflected by a put-to-call ratio of 0.73, suggesting a prevailing bullish sentiment amongst traders.
The maximum pain point, which denotes the price level where option holders would incur the most losses, is currently established at $86,000.
Interestingly, Bitcoin is currently trading well above this threshold, around $93,471 as of this report. This disparity may create selling pressure as the expiration date draws near.
Source: Finance Newso
In contrast, Ethereum faces a substantial expiration of 458,926 contracts today, valued at $808.3 million.
Source: Deribit
With a put-to-call ratio of 0.74, Ethereum mirrors the bullish sentiment exhibited in Bitcoin, albeit with a lower volume.
However, Ethereum is trading beneath its maximum pain point of $1,900, currently positioned at $1,764.
Source: Finance Newso
The significance of this expiration is heightened by the clustering of open interest at specific strike prices.
Bitcoin options are densely congregated between $80,000 and $90,000, while Ethereum’s contracts are centered between $1,800 and $2,000.
Such dense aggregations may function as price magnets or resistance areas, dependent upon market sentiment and trader positioning.
This technical formation amplifies the likelihood of abrupt market consolidations or sharp reversals occurring during and in the aftermath of the expiry period.
Bullish Bets, Whale Accumulation & Fading Optimism on $100K
Market sentiment regarding this expiration is notably mixed. Analysts at Deribit point to a robust long-term bullish outlook among Bitcoin traders, marked by an uptick in transactions involving the sale of cash-secured put options.
Options Expiry Alert
At 08:00 UTC tomorrow, over $8B in crypto options are set to expire on Deribit.$BTC: $7.2B notional | Put/Call: 0.73 | Max Pain: $85K$ETH: $801M notional | Put/Call: 0.73 | Max Pain: $1.9K
BTC trades above max pain, ETH below.
Positioning into… pic.twitter.com/A9xI1dqzoV
— Deribit (@DeribitOfficial) April 24, 2025
These options, frequently backed by stablecoins, serve dual functions: generating yield and positioning for purchasing Bitcoin at more favorable prices. This points to a strategy focused on buying on dips while remaining open to price increases.
The bullish sentiment is further supported by call option activities aimed at strike prices between $90,000 and $110,000 for expirations scheduled from April to June 2025.
Investors are positioning themselves for a potential breakout above $89,000, spurred in part by geopolitical factors. Notably, the reversal of former President Trump’s tariff policies on April 9 seems to have alleviated global market tensions, potentially channeling funds from gold into Bitcoin.
Despite this, speculative optimism is seemingly restrained. The prediction platform Polymarket indicates only a 16% likelihood that Bitcoin will achieve a price of $100,000 in April.
On a brighter note, on-chain analytics reveal that major whales—wallets holding over 10,000 BTC—have been accumulating, with Glassnode’s Accumulation Trend Score for this group rising to 0.9, indicating aggressive buying behavior.
Whales, described as addresses holding between 1,000 and 10,000 BTC, have also shown an encouraging trend recently, scoring 0.7.
Conversely, smaller holders appear to be in a distribution phase, exhibiting limited confidence in the ongoing rally.
Bitcoin long-term holders accumulate 635K BTC since January as traders double down on bullish options strategies, signaling confidence amid $94K volatility.#Bitcoin #CryptoMarketshttps://t.co/meN9eNz0WJ
— Finance Newso.com (@Finance Newso) April 24, 2025
This suggests that institutional and high-net-worth investors are banking on a recovery, potentially propelling it forward.
The contrasting behaviors between large and small investors indicate that the recent price surge is driven by more than mere speculation, likely fueled by a capital shift from traditional safe havens into digital assets.
Ethereum: Profit-Taking and Whale Sell-Offs Raise Red Flags
While Bitcoin demonstrates signs of robust support from mega whales and bullish option flows, Ethereum presents a more cautious situation.
Although Ethereum briefly reclaimed the $1,800 mark, its failure to maintain a position above the maximum pain point of $1,900 presents a less favorable outlook. Furthermore, recent whale activity contributes to a bearish sentiment.
Ali Martinez reports that Ethereum whales sold off over 63,000 ETH, worth about $110 million, within a mere 48-hour span.
Whales capitalized on the recent price surge, unloading over 63,000 #Ethereum $ETH in the past 48 hours! pic.twitter.com/Y4vf1SzDep
— Ali (@ali_charts) April 24, 2025
In just the previous week, 305,000 ETH, valued at approximately $540 million, were moved to exchanges—an action typically indicative of impending large-scale sell-offs.
These activities follow Ethereum’s decline to a monthly low of $1,400, a point at which it erased nearly seven years of gains before rebounding above $1,800 earlier this week.
The recent rally provided ample opportunity for whales to cash out at more favorable prices, and many appear to have seized that chance.
The current scenario for Ethereum contrasts sharply with Bitcoin’s bullish narrative.
While Bitcoin miners are reportedly securing profits exceeding $18.57 million following the breakout past $93,000, Ethereum investors are actively reducing their holdings.
#Bitcoin $BTC miners locked in over $18.57 million in profits as prices surged past $93,000! pic.twitter.com/ZgXosyJ5WU
— Ali (@ali_charts) April 24, 2025
Ethereum also lacks the sustained mega whale support seen with Bitcoin, with its underperformance suggesting that market participants are less confident about Ethereum’s short-term future.
Despite some minor whale movements, they do not compare to Bitcoin’s recent activities.
INSIGHT: Ethereum holders accumulate a record 449K ETH despite being underwater, signaling long-term confidence. But technicals show resistance at $1,895, with $2,142 as a key level for recovery.
Are you bullish on ETH? pic.twitter.com/I20CptyvK2
— Coin Bureau (@coinbureau) April 25, 2025
This divergence is further reflected in the options market. While Bitcoin options exhibit robust bullish structures for future expirations, Ethereum’s trading volume, although improved from last week, remains relatively insignificant in comparison.
Unlike Bitcoin, Ethereum is encountering challenges in establishing momentum above crucial resistance levels.
The substantial $8.05 billion options expiration today is framed not only in terms of imminent volatility but also depicts deeper market dynamics.
Bitcoin appears to be entering a renewed phase of accumulation among larger investors, bolstered by improved geopolitical stability and a resurgence of risk appetite.
Conversely, Ethereum risks being undermined by profit-taking activity and an absence of directional clarity.
The post Bitcoin & Ethereum Options Expiry Hits $8.05B — Brace for Market Whiplash? appeared first on Finance Newso.
