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Today, approximately $8.05 billion worth of Bitcoin (BTC) and Ethereum (ETH) options expire, prompting crypto market participants to brace for volatility.

Traders and investors should be particularly attentive to today’s options expiry due to its volume and notional value, increasing the odds of potential influence on short-term trends. However, the put-to-call ratios and maximum pain points provide insight into what can be expected and the possible market directions.

Insights on Today’s Expiring Bitcoin and Ethereum Options

The notional value of today’s expiring Bitcoin options is $7.24 billion. According to Deribit’s data, these 77,642 expiring Bitcoin options have a put-to-call ratio 0.73. This ratio suggests a prevalence of purchase options (calls) over sales options (puts).

The data also reveals that the maximum pain point for these expiring options is $86,000. In crypto options trading, the maximum pain point is the price at which the asset will cause the greatest number of holders’ financial losses.

In addition to Bitcoin options, 458,926 Ethereum options contracts are set to expire today. These expiring options have a notional value of $808.3 million, a put-to-call ratio of 0.74, and a maximum pain point of $1,900.

The number of today’s expiring Ethereum options was significantly higher than last week. BeInCrypto reported that last week’s expired ETH options were 177,130 contracts, with a notional value of $279.789 million.

As of this writing, Bitcoin was trading well above its maximum pain level of $86,000 at $93,471. Meanwhile, Ethereum was trading below its strike price of $1,900 at $1,764.

“BTC trades above max pain, ETH below. Positioning into expiry is anything but aligned,” Deribit analysts remarked.

With the max pain level (also called strike price) often acting as a magnet for price due to smart money actions, both Bitcoin and Ethereum could pull towards their respective levels.

The positioning of both BTC and ETH open interest indicates high trader activity near max pain. The dense clustering of their respective histograms around $80,000 to $90,000 for Bitcoin and around $1,800 to $2,000 for Ethereum shows this.

This positioning suggests potential for short-term price consolidation or volatility.

Polymarket: Only 16% Chance Bitcoin Price Hits $100,000 in April

According to Deribit, traders are selling cash-secured put options on Bitcoin. Further, they are using stablecoins to collect premiums while positioning to buy BTC at lower prices. This reflects a long-term bullish outlook.

“BTC traders on Deribit are expressing long-term bullish sentiment, selling cash-secured puts using stablecoins to potentially buy the dip and collect yield,” Deribit wrote.

Analysts on Deribit also note the highest open interest for BTC options around the $100,000 strike price. This indicates strong market expectations of Bitcoin reaching this level.

Nevertheless, data on the Polymarket prediction platform shows traders estimating only a 16% chance of BTC hitting $100,000 in April.

Another interesting observation is that the Cumulative delta (CD) across BTC and related ETF (exchange-traded fund) options on Deribit reached $9 billion. While this shows high sensitivity to Bitcoin price changes, it also suggests potential volatility as market makers hedge their positions.

This aligns with remarks from crypto analyst Kyle Chassé that hedge funds never bet on Bitcoin’s long-term price appreciation. Instead, they farm a risk-free yield using arbitrage. Once the trade dies, they pull liquidity, intensifying Bitcoin’s sell-off.

Notwithstanding, Deribit analysts also reveal a surge in Bitcoin call option buying for April to June 2025 expiries. Investors are reportedly targeting strikes between $90,000 and $110,000, a sentiment inspired by Bitcoin’s price breaking above 89,000.

This suggests that bullish market sentiment was likely driven by FOMO as the BTC price extended beyond $90,000. Analysts also highlight a market stabilization effect from Trump’s tariff policy reversal on April 9. The move reduced global market volatility, potentially encouraging a rotation of investments from gold to crypto, contributing to the Bitcoin price recovery.

Nevertheless, not all activity leading up to Bitcoin’s recovery was new money or a fresh capital influx. According to an analysis by Deribit’s Tony Stewart, half of it involved rolling up existing positions, indicating strategic adjustments by traders.

The post $8.05 Billion in Bitcoin & Ethereum Options Expire Today—What’s the Market Impact? appeared first on BeInCrypto.

XRP has recently broken out from a multi-month descending wedge, signaling a potential reversal after the largest downtrend of 2025. Trading at $2.22, the cryptocurrency appears to be entering a new phase of bullish momentum. 

This shift could mark the end of the persistent price decline that started in January, setting the stage for further growth.

XRP Holders Are Holding On

The dominance of short-term holders has significantly declined, indicating a positive shift in market dynamics for XRP. According to the HODL waves, the supply held by investors holding between 1 and 3 months has dropped from 12% to 6% in the span of two months. 

This shift suggests that more short-term holders have transitioned into mid-term holders, reducing the likelihood of immediate sell-offs. This maturation of holdings is a positive sign, as it indicates more stability and less selling pressure in the short term stemming from confidence in price recovery.

XRP’s macro momentum is showing promising signs as the cryptocurrency pulls away from a potential Death Cross, which could have signaled a significant decline in price. The 50-day Exponential Moving Average (EMA) is currently trending upward, providing support for XRP as it moves away from bearish territory. The candlesticks are also positioned above the 50-day EMA, signaling that the altcoin is gaining strength and may continue its upward movement.

The pullback from the Death Cross and the upward movement of the 50-day EMA provide technical evidence that XRP’s price could continue to rise. This shifting momentum, combined with improving market sentiment, suggests that XRP is setting itself up for a potential rally. Investors will closely watch these indicators as signs of further recovery.

XRP Price Is Aiming At A Rally

XRP is currently trading at $2.22, breaking out of a near 5-month-long descending wedge. If this breakout continues, it will mark the end of the largest downtrend of the year, which started in January. The next key resistance is at $2.38, and a successful breakout above this level could signal further upward movement for XRP.

If XRP maintains its current bullish trajectory, the altcoin could rise to $2.56 after breaking through the $2.38 resistance. Flipping $2.56 into support would further confirm the breakout and indicate that XRP is entering a more sustained phase of growth. This would set the stage for continued price appreciation.

However, if XRP fails to break the $2.38 resistance, the price could fall back to $2.02. Losing the $2.16 support level would invalidate the bullish thesis, signaling a potential reversal in sentiment and a resumption of the downtrend. The next few days will be crucial in determining whether XRP can maintain its upward momentum or face further declines.

The post XRP Breaks Out Of 2025’s Biggest Downtrend As Short-Term Holders Dominance Falls appeared first on BeInCrypto.