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Bitcoin Nears All-Time High as $1.5 Billion in BTC Options Set to Expire

As another week closes, the cryptocurrency market is braced for the expiry of approximately $1.5 billion worth of Bitcoin options. This event, scheduled for

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Friday, April 12, comes amidst stable market conditions and raises questions about its potential impact on Bitcoin's spot prices.

Bitcoin Options Expiry Details

Today marks the expiration of around 21,000 Bitcoin options contracts, notching a slight increase in notional value from last week's event. These contracts, which influence market sentiment and price dynamics, have a put/call ratio of 0.62. This indicates a dominance of call (long) positions nearly double that of puts (shorts), suggesting an optimistic market outlook among traders.

Market Dynamics and Sentiment

The current max pain point—the price level at which the most options would expire worthless—is pegged at $69,000, slightly lower than the prevailing market prices. Notably, the bullish sentiment is underscored by significant open interest in contracts with strike prices reaching up to $100,000, reflecting high expectations from investors.

Derivatives market analyst firm Greeks Live noted an uptick in market volatility this week, with Bitcoin and Ethereum both positioned as high-stakes assets in the derivatives arena. Despite a decrease in implied volatility across all major terms, the selling of calls has emerged as the dominant trading strategy for the month.

Additional Crypto Derivatives Insights

Alongside Bitcoin, the Ethereum options market is also seeing substantial activity with 230,000 contracts set to expire today, valued at approximately $800 million. These contracts show a put/call ratio of 0.49, with a max pain point set at $3,425, highlighting a similarly bullish outlook among Ethereum traders.

Crypto Market Outlook