TL;DR

This Friday, Bitcoin and Ethereum options worth a combined total of 2.58 billion dollars are set to expire, potentially causing short-term volatility in the crypto market.
The put-to-call ratio for BTC (1.25) and ETH (1.41) reveals a bearish sentiment, with prices likely to approach their respective “max pain” levels. 
Despite the negative outlook, institutional interest remains strong, and many see this correction as a strategic buying opportunity.

In the crypto market, option expiration Fridays are often high-stakes events. Today, Friday, April 4, options contracts on Bitcoin (BTC) and Ethereum (ETH) worth a combined $2.58 billion are set to expire, according to data from Deribit. This could trigger sharp price movements in the coming hours. Of the total, BTC accounts for $2.18 billion, while ETH represents nearly $396 million.

For Bitcoin, 26,457 contracts are expiring today, significantly fewer than the over 139,000 contracts that expired last week at the end of the first quarter. However, a put-to-call ratio of 1.25 shows a predominantly bearish market sentiment, as more investors hedge against a potential drop. The so-called “max pain point” for BTC sits at $84,000, the level at which the highest number of options contracts expire worthless, often drawing prices toward it as expiration nears.

Ethereum’s Case: Lower Volume, Equal Importance

On Ethereum’s side, 221,303 options are about to expire. While this number is far lower than the over one million contracts that expired on March 29, its put-to-call ratio of 1.41 signals even stronger bearish pressure than Bitcoin. The max pain point for ETH stands at $1,850, while at the time of writing, the cryptocurrency is trading at around $1,790.

Options flow analysis shows that institutional traders are taking defensive positions, especially following the announcement of new tariffs by Donald Trump, raising concerns about broader economic impacts. According to Greeks.live, a large number of puts have been purchased as protection, including 700 contracts betting on BTC to fall to $79,000 by the end of April.

Hidden Opportunity 

While the current sentiment may seem unfavorable, for many crypto investors this presents a clear opportunity. Price corrections driven by options expirations are often seen as strategic entry points to accumulate assets at lower valuations, especially in a market where blockchain infrastructure and institutional interest in BTC and ETH continue to grow.

Although volatility appears inevitable, the crypto market has repeatedly shown that every bearish wave is often followed by a new growth cycle. Are we about to witness the next one?

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Filed under: News - @ April 4, 2025 3:26 pm