How Will $2.2B Crypto Options Expiry Impact Markets?

The approximately 23,200 Bitcoin option contracts expired on Friday, April 18th, with an estimated value of around $1.9 billion.

This week’s event will be smaller than the previous week, but only a few. Derivatives and Spot crypto trading have declined as volume and volatility depletes, minimizing the impact on the spot market.

Bitcoin option expiration date

This week’s Bitcoin option tranching contract has a Put/Call ratio of 0.92. In other words, short contract sellers and long contract sellers are in a rather closely matched manner. It also has the biggest pain point of $82,000. This means that most losses are expiring.

Furthermore, the value or number of open interest (OI), or yet-unexpired BTC option contracts, is the highest at a strike price of $100,000, at around $1.4 billion, indicating a bullish shift in sentiment as derivative speculators bet on higher prices.

However, according to Delibit, there is a fair amount of OI at a strike price of $75,000, as the Bears maintain their short position.

Optional expiration alert

Tomorrow at 8:00 UTC, more than $2.25 billion in crypto options have been set up to expire on Deribit.$ BTC:$19.8 billion concept | Put/Call: 0.92 | Maximum pain: $82K$ eth: $271 Million Concept | PUT/CALL: 0.88 | Maximum Pain: $1,600

When Vol is crushed and flatly distorted, there is a market setting… pic.twitter.com/df4ha3bpdn

– deribit (@deribitofficial) April 17, 2025

Crypto Derivatives Tooling Provider Greeks Live said the group “appears primarily bullish” in the short term, and that it expects BTC to rise to the $88,000-$90,000 range within next week despite slow market activity.

“Some people are strengthening their put positions, while others are careful about the disconnect between spot purchases and futures short-circuit activity. This suggests that market participants are cautious about potential volatility.”

Futures Markets has been observed to “indicate heavy short circuit activity,” and Spot continues to buy, “creating a potential short squeeze setup.”

In addition to today’s batch of Bitcoin options, there are around 177,000 Ethereum contracts that are still expired, with an estimated value of $271 million, up to $1,600 with a PUT/call ratio of 0.88. This brings the combined crypto option on Friday to a conceptual value of approximately $2.2 billion.

Crypto Market Outlook

The crypto market has been relatively stable over the past 24 hours, with total capital of $2.72 trillion.

Bitcoin fell below $84,000, but quickly recovered to recover the $85,000 traded at the time of writing during the Asian session on Friday morning.

Ethereum failed to make progress over $1,600, falling below this resistance level again, trading at $1,583 at the time of writing.

The Greeks said there was an opinion that BTC prices are “holding too well” despite the “indicating a possible upward movement.” However, the analyst agrees Integration may occur beginning.