Approximately 26,700 Bitcoin option contracts will expire on Friday, April 10th, with a notional value of approximately $1.9 billion. This event is smaller than usual and very similar to last week’s expiration date, so it is unlikely to impact the spot market.
Cryptocurrency prices have been slowly rising this week, with total capitalization increasing by about $90 billion since Monday.
Bitcoin options expiration date
The put/call ratio for this week’s series of Bitcoin options contracts is 0.71, meaning there are more longs than expiring shorts. According to Coinglass, the biggest pain point is around $69,000, which is lower than the current spot price, so many people could lose money at expiration.
Open Interest (OI), or the amount or number of unexpired Bitcoin option contracts, remains at an all-time high of $80,000, Deribit’s strike price, and is now at $1.6 billion as bullish bets dominate.
total $BTC Options OI across all exchanges has rebounded following the end of Q1’s expiry event and is now at $34 billion.
“A fragile truce to fend off grotesque rhetoric has sent markets rising with relief,” Deribit said this week.
Traders bought in the short term $BTC While selling or rolling put options, call options and various call structures are modified to set the price higher to reflect a new, more optimistic price level.
“Judging by key options indicators, the rally above $70,000 is clearly driving market sentiment primarily due to easing fears of a black swan crash, rather than reflecting expectations for sustained price gains,” Greek Live said.
In addition to today’s set of Bitcoin options, approximately 151,500 Ethereum contracts also expired, with a notional value of $332 million, a maximum payout of $2,050, and a put/call ratio of 0.77. The total OI of ETH options across all exchanges is approximately $6.6 billion. CryptoQuant analyst Dirkforst said ether derivatives are showing signs of recovery.
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“Despite the macro environment remaining uncertain, several signs point to Ethereum gradually improving, especially on the derivatives front.”
This leaves the total notional value of crypto options expiring at approximately $2.2 billion if a small expiry event occurs this week.
Spot market outlook
On Friday morning, Bitcoin regained the $72,000 level in Asia, pushing the total cap above $2.5 trillion. The asset has gained 8.4% over the past seven days, but remains range-bound with significant resistance just above the current price level.
Ethereum price has also continued its gains this week, trading at just under $2,200 at the time of writing. Altcoins were largely flat on the day, with most remaining at bear market lows.
