Crypto market to witness over $10 billion in Bitcoin, Ethereum, XRP, and Solana options expiry today. Traders are bracing for huge volatility and rising uncertainty amid profit booking, with max pain for BTC and ETH below the current prices.
Crypto Market Awaits $8.3 Billion in Bitcoin Options Expiry
Almost 106K Bitcoin options with a notional value of $8.3 billion are set to expire on the Deribit derivatives crypto exchange today, April 24. The put-call ratio of 0.98 indicates a neutral sentiment among traders.
Bitcoin max pain price is $73,000, significantly below the current market price of $78,000. However, calls are higher than puts at the $73,000 strike price, with $75,000 and $80,000 strike prices having massive volume. Also, there is 85% probability for options to expire above $77,000.
Bitcoin options trading activity in the last 24 hours saw the higher call volume than put volume, with a put-call ratio of 0.63. This indicates traders are betting on a higher Bitcoin price amid hopes of US-Iran peace talks.
GreeksLive revealed Bitcoin’s implied volatility for major maturities has continued to decline this month, with most maturities falling by 1% to 2% to below 40%.
$1.3 Billion Ethereum Options Expiry
Over 575K Ethereum options with a notional value of $1.34 billion are set to expire on Deribit, with a put-call ratio of 0.75. In the last 24 hours, the put volume is significantly higher than the call volume, with a put-call ratio of 1.17. It shows traders are leaning bearish and anticipate downside amid rising volatility in the crypto market.
Moreover, the max pain price is at $2,200, below the current market price of $2,320 at the time of writing. Higher puts than calls signal higher odds of a drop in ETH price, with traders adjusting for upcoming expiries.
GreeksLive said, “Ethereum’s IV for major maturities has dropped even further and currently stands around 60%.”
ETH price fell almost 1% in the past few hours. The 24-hour low and high are $2,287 and $2,359, respectively. Furthermore, the trading volume has decreased by more than 20% in the last 24 hours, after Trump threatens shooting ships laying mines in the Strait of Hormuz.
Will XRP Rebound to Max Pain Price of $1.45?
Almost 12K XRP options with a notional value of more than $17.25 million are set to expire today. The put-call ratio is 1, but it has climbed to 1.57 as put volume exceeds call volume.
The max pain point is at $1.45, above the XRP price of $1.43 at the time of writing. However, traders are betting on XRP to remain sideways in the coming days.
Evernorth Holdings revealed large holders added almost 11 million XRP per day on average in early April. Also, wallets holding 1K-100K coins have reached 1.1 million, an all-time high, ahead of Ripple-sponsored XRP Las Vegas conference.
Bearish Stance on Solana (SOL)
Over 30K SOL options with a notional value of over $26.39 million to expire, with an extremely bearish put-call ratio of 1.81.
In the last 24 hours, call volume was higher than the put volume, with a put-call ratio of 0.78. This signals that options traders are overall bullish and awaiting the expiry of Bitcoin and Ethereum crypto options for cues on crypto market direction.
Also, the max pain point is at $89, with traders expecting Solana to fall below $85 in the upcoming days. SOL price has dropped from $86.53 to trade at almost 1% lower at $85.64. Trading volume has decreased by 11% over the past 24 hours due to the monthly crypto market options expiry.