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  • $8 Billion in Bitcoin and Ethereum Options Expire- What you need to know
  • News

$8 Billion in Bitcoin and Ethereum Options Expire- What you need to know

Cal Evans 25 April 2025
Picture of Bitcoin and Ethereum coins
  • Bitcoin and Ethereum options worth over $8 billion expired today, raising the chances of short-term market volatility.
  • Despite mixed price action, long-term sentiment remains bullish with traders targeting higher strike prices into mid-2025.

Over $8 billion in Bitcoin and Ethereum options expired today, sending ripples of anticipation through the crypto market. Traders are closely watching price movements as this event could lead to increased short-term volatility, especially given the massive volume and strategic positioning involved.

Bitcoin Options: Trading Above Max Pain

Bitcoin alone accounts for $7.24 billion of the total options expiring. With 77,642 contracts in play, the put-to-call ratio sits at 0.73, meaning bullish bets (calls) outweigh bearish ones (puts). The maximum pain point for Bitcoin stands at $86,000 — the price level where the most option holders would suffer financial losses. However, Bitcoin is currently trading well above that level at around $93,471, which could prompt some downward price pressure as market makers attempt to hedge their positions.

Expiring Bitcoin Options chart
Expiring Bitcoin Options. Source: Deribit

Traders continue to show long-term optimism. Many are selling cash-secured puts, aiming to buy Bitcoin at lower prices while collecting stablecoin premiums — a strategy that reflects confidence in BTC’s continued growth. In fact, some investors are eyeing strike prices as high as $110,000 for mid-2025 expiry dates.

Ethereum Options: Bearish Pressure Looms

While Bitcoin may be pushing higher, Ethereum paints a different picture. Of the $808.3 million in ETH options expiring, the max pain point is $1,900 — but ETH is trading below that level at $1,764. The 458,926 expiring Ethereum contracts show a similar put-to-call ratio of 0.74, suggesting slightly more bullish positioning, yet current prices point to short-term bearish sentiment.

Compared to last week’s 177,130 ETH contracts, today’s expiration is more than double in volume, further amplifying the potential impact.

Expiring Ethereum Options chart
Expiring Ethereum Options. Source: Deribit

Mixed Signals but Long-Term Confidence

Despite the divergence — BTC trading above max pain and ETH below — both assets show strong open interest near their respective pain levels, indicating a likelihood of price consolidation or volatility in the immediate term.

On platforms like Polymarket, only 16% of traders believe Bitcoin will hit $100,000 this April, yet Deribit data shows a surge in call options targeting that price range by next year.

Bitcoin price prediction chart
Bitcoin price prediction. Source: Polymarket

In summary, today’s massive expiry event could drive short-term turbulence. But the broader sentiment, especially for Bitcoin, remains bullish as strategic traders position for gains beyond $100,000 — just not quite yet.

Continue Reading

Previous: Ethereum Network Activity Surges 10% as Price Nears Resistance
Next: Tether Strengthens Partnership with Juventus Through Major Stake Boost

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