$2.2B crypto options expiry: Bitcoin surges, market bullish

Over $2.2B in BTC and ETH options expired on April 10. Bitcoin surged above $70,000, volatility dropped, and market sentiment turned bullish, though analysts expect limited spot price impact.

On April 10, the crypto market saw the expiration of approximately $2.2–$2.3 billion in Bitcoin and Ethereum options. This included around 27,000 BTC contracts (about $1.9 billion) and 151,500 ETH contracts (about $330 million) settling. The put/call ratios for BTC and ETH options were 0.71 and 0.77, respectively, indicating a bullish bias among traders. Max pain points were $69,000 for BTC and $2,050 for ETH. Bitcoin’s price broke above $70,000 and even surpassed $72,000, supported by easing geopolitical tensions. Despite the substantial expiry, implied volatility for both assets declined, and open interest in BTC options remained concentrated at higher strike prices, especially $80,000, reflecting optimism. Analysts noted that while this expiry is significant, it is smaller than previous record settlements and is unlikely to trigger dramatic spot price moves. The options market remains BTC-dominated, and the recent rebound above $70,000 has improved sentiment by reducing crash concerns rather than signaling sustained price growth.