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\n\t\t\t\t\t\t\t\t\tAnother Friday is upon us again, which means another batch of Bitcoin options are expiring as the asset holds ground above $70,000.\u00a0\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Around 26,700 Bitcoin options contracts will expire on Friday, April 10, with a notional value of roughly $1.9 billion. This event is smaller than usual and very similar to last week\u2019s expiry, so it is unlikely to have any impact on spot markets.<\/p>\n
Crypto prices have been climbing slowly this week, with around $90 billion being added to total capitalization since Monday.<\/p>\n
This week\u2019s batch of Bitcoin options contracts has a put\/call ratio of 0.71, meaning that there are more longs than shorts expiring. Max pain is around $69,000, according to Coinglass, which is lower than current spot prices, so many could be out of the money on expiry.<\/p>\n
Open interest (OI), or the value or number of Bitcoin options contracts yet to expire, remains highest at the $80,000 strike price on Deribit, with $1.6 billion as bullish bets now become dominant.<\/p>\n
Total BTC options OI across all exchanges has fallen back following the end of the Q1 expiry event and is currently $34 billion.<\/p>\n
\n\u201cA fragile truce to parry grotesque rhetoric rallied markets with a sense of relief,\u201d stated<\/a> Deribit this week.<\/p>\n<\/blockquote>\n
Traders bought short-term BTC call options and various call structures while selling or rolling put options, moving them to strike prices higher to reflect the new, more optimistic price level.<\/p>\n
\n\u201cJudging by key options indicators, the rebound above $70,000 has clearly boosted market sentiment, primarily by alleviating fears of a black swan-induced crash, rather than reflecting expectations of sustained price gains,\u201d commented<\/a> Greeks Live.<\/p>\n<\/blockquote>\n
In addition to today\u2019s batch of Bitcoin options, around 151,500 Ethereum contracts are also expiring, with a notional value of $332 million, max pain at $2,050, and a put\/call ratio of 0.77. Total ETH options OI across all exchanges is around $6.6 billion.\u00a0CryptoQuant analyst \u201cDarkfost\u2019 said<\/a> that Ether derivatives were showing signs of recovery.<\/p>\n
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\n\u201cDespite a persistently uncertain macro environment, several signals point to a gradual improvement in Ethereum, particularly on the derivatives side.\u201d<\/p>\n<\/blockquote>\n
This brings the total notional value of crypto options expiries to around $2.2 billion in a small expiry event this week.<\/p>\n
Spot Market Outlook<\/h2>\n
Total cap was back over $2.5 trillion on Friday morning in Asia as Bitcoin had reclaimed<\/a> the $72,000 level.\u00a0The asset has gained 8.4% over the past seven days but remains rangebound with heavy resistance just above current price levels.<\/p>\n
Ethereum prices were also holding on to this week\u2019s gains, trading at just under $2,200 at the time of writing.\u00a0The altcoins were generally flat on the day, and most of them remained at bear market lows.<\/p>\n
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