Around 21,000 Bitcoin options contracts are set to expire on Friday, April 12, with a total value of approximately $1.5 billion, slightly higher than the previous expiration event.
This week, the crypto markets have shown some stability, with a total market capitalization just above $2.7 trillion, and Bitcoin is leading the way in market movements.
Bitcoin Options Expiry Details
Today’s expiring Bitcoin derivatives have a put/call ratio of 0.62, indicating nearly twice as many long (call) contracts expiring as short (put) contracts.
The max pain point, where most losses would occur on expiry, is $69,000, slightly below the current spot prices.
Bulls seem to be in control of the derivatives markets currently, with substantial open interest at strike prices above $70,000. Popular strike prices include $80,000 and $100,000, with $880 million and $934 million in open interest, respectively, according to Deribit.
“Volatility levels in the crypto market have noticeably increased this week, with $70,000 and $3,500 [for ETH contracts] being highly contested,” noted crypto derivatives provider Greeks Live.
Implied volatility has seen significant declines across major terms, with selling calls being the dominant trade of the month, and expectations for the halving being excessive.
12 April Options Data
21,000 BTC options set to expire with a Put Call Ratio of 0.62, a Maxpain point of $69,000, and a total value of $1.5 billion.
230,000 ETH options set to expire with a Put Call Ratio of 0.49, a Maxpain point of $3,425, and a total value of $800… pic.twitter.com/MjPStb9VW1— Greeks.live (@GreeksLive) April 12, 2024
In addition to the Bitcoin contracts, 230,000 Ethereum options are expiring with a total value of $800 million, a put/call ratio of 0.49, and a max pain point of $3,425.
Greeks Live suggested that sentiment has slowed down, but the halving might provide temporary support for BTC.
“Given the recent slowdown in ETF inflows, lack of new market catalysts, and a more subdued sentiment, selling in the medium term seems preferable, while short-term opportunities exist due to the upcoming halving,” said Greeks Live.
Crypto Market Overview
Crypto markets are maintaining a stable trend today, with total capitalization at $2.74 trillion at the moment.
Bitcoin has held above $70,000 after briefly dipping below on April 11, currently trading at $70,900 during Asian trading hours on Friday morning, just 4.2% away from its all-time high.
As of the latest data, Ethereum had decreased by 1.3% to trade at $3,522. Altcoins displayed mixed performances with minor gains or losses among high-cap tokens.
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