Nearly $10 Billion April Options Expiry Puts Bitcoin and Ethereum Direction in Focus
Nearly $10 billion in Bitcoin and Ethereum options are expiring, with both assets trading above their max pain levels, suggesting bullish sentiment.Summary
A significant options expiry event is occurring today, April 26, 2024, with approximately $9.87 billion in Bitcoin (BTC) and Ethereum (ETH) contracts set to expire on Deribit. This marks the largest monthly settlement for April, involving 109,000 BTC contracts valued at $8.55 billion and 563,000 ETH contracts worth $1.32 billion. Both cryptocurrencies were trading above their respective 'max pain' levels leading up to the expiry, with Bitcoin near $77,900 against a max pain of $72,000, and Ethereum around $2,315 against a $2,200 max pain. The put-to-call ratios indicated a relatively balanced positioning for Bitcoin (0.93) and a stronger call bias for Ethereum (0.72), suggesting traders were anticipating further upside. Analysts observed a decline in implied volatility for both assets despite the price rally, indicating that the market's upward movement is driven by steady capital inflows rather than speculative frenzy or FOMO. Looking ahead, the June options expiry is anticipated to be a more significant event, with a substantial portion of open interest maturing then, which will likely influence market direction.
(Source：BeInCrypto)