$2.2B in BTC & ETH Options Expire—Is a Market Shake-Up Coming?

Over $2.2 billion worth of Bitcoin and Ethereum options contracts are set to expire on Good Friday, raising questions about how the market might react. The expiration involves 23,221 Bitcoin contracts with a total notional value of $1.966 billion and 177,130 Ethereum contracts valued at around $279 million, based on Deribit data.

This week’s expiration is slightly smaller than the previous Friday, when $2.5 billion in contracts expired. Despite the lower figure, traders are closely watching the market for any movement that might follow. The timing, paired with lighter trading volume over the holiday, adds to the uncertainty.

Price Levels in Focus: $82K for BTC, $1.6K for ETH

The current maximum pain point—where most options buyers would lose money—is $82,000 for Bitcoin and $1,600 for Ethereum. Prices often gravitate toward these levels as expiration approaches. At the time of writing, Bitcoin trades above $84,728, while Ethereum is below the $1,600 mark.

Traders tend to monitor these price levels closely. A shift toward the pain points could cause volatility in the short term. Market data shows that put-to-call ratios remain under 1 for both assets—Bitcoin’s at 0.96, Ethereum’s at 0.84—indicating more traders are holding calls than puts.

Deribit analysts noted that market conditions remain calm, but that may not last long. “Volatility is sitting near recent lows, and option skews are flat. These are usually the kind of setups that come before a move,” they explained.

Options Expiry Alert

At 08:00 UTC tomorrow, over $2.25B in crypto options are set to expire on Deribit.$BTC: $1.98B notional | Put/Call: 0.92 | Max Pain: $82K$ETH: $271M notional | Put/Call: 0.88 | Max Pain: $1,600

With vol crushed and skew flat, is the market setting… pic.twitter.com/df4ha3BPdn

— Deribit (@DeribitOfficial) April 17, 2025

Sentiment Turns Cautious Amid Broader Uncertainty

Analysts from Greeks.live report that traders are becoming more cautious, especially in the current macroeconomic environment. Comments from U.S. Federal Reserve Chair Jerome Powell, along with reduced expectations for interest rate cuts, are affecting market outlooks.

April 18 Options Data
23,000 BTC options expired with a Put Call Ratio of 0.96, a Maxpain point of $82,000 and a notional value of $1.97 billion.
177,000 ETH options expired with a Put Call Ratio of 0.84, Maxpain point of $1,600 and notional value of $280 million.
The market was… pic.twitter.com/L5DzqKYLC8

— Greeks.live (@GreeksLive) April 18, 2025

“Rate cut expectations have shifted. That’s putting pressure on all risk assets, not just crypto,” a Greeks.live strategist shared. They added that while no single event is driving the caution, the overall tone is no longer as bullish as it was in early 2025.

In addition, ongoing political uncertainty—particularly around trade and tariff policies—has added another layer of unpredictability. Analysts suggest that the likelihood of sharp market movements has increased under these conditions.

What’s Next for Traders?

With the expiration behind them, traders may reposition depending on how the market reacts over the weekend. Historically, crypto markets have seen sharp moves in the hours or days following large expirations, especially when sentiment is mixed.

There is still uncertainty around whether Bitcoin will hold above its strike zone or retrace toward $82,000. Ethereum’s path is also unclear as it remains under its maximum pain point. For now, traders appear to be preparing for a possible shift, though the direction is uncertain.

As traders watch the charts, all eyes are on the next price action to see whether a shake-up is coming.

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