Approximately 26,700 Bitcoin (BTC) options contracts are set to expire on Friday, April 10, with a notional value of around $1.9 billion. Additionally, 151,500 Ethereum (ETH) contracts will also settle today, valued at approximately $332 million.
The total value of these expiring contracts exceeds $2.2 billion. However, this expiry is considered relatively minor when compared to the record-breaking $27 billion quarterly settlement seen in late 2025 and is unlikely to be a significant driver of spot price movements on its own.
BTC Options Indicate Renewed Optimism Above $70,000
The current batch of BTC options shows a put/call ratio of 0.71, suggesting a greater number of bullish long positions compared to bearish short positions. The point of maximum pain for these contracts is located around $69,000, according to Deribit, which is currently below the prevailing spot price hovering near $71,759.
Open interest remains strongest at the $80,000 strike on Deribit, where bullish bets valued at $1.6 billion are now predominant.
The total open interest for BTC options across all exchanges has decreased to $34 billion following the conclusion of the first quarter expiry cycle.
In response to this week’s price recovery, traders have been actively purchasing short-term call options and rolling over their put positions to higher strike prices. This strategic repositioning indicates a more positive market outlook following Bitcoin’s resurgence above the $70,000 mark.
“Judging 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,” wrote analysts at Greeks.live.
ETH Derivatives Signal a Rare Bullish Trend
For Ethereum, the maximum pain point is identified at $2,050, with a put/call ratio of 0.77. The total open interest for ETH options across exchanges is currently around $6.6 billion.
Beyond the immediate expiry event, a notable recovery signal in ETH derivatives has been highlighted by CryptoQuant analyst Darkfost. The Taker Buy Sell Ratio on Binance has returned to positive territory, with a monthly average recorded at approximately 1.016. This metric has sustained above 1 for several consecutive days.
A rare positive signal for Ethereum derivatives is emerging. Despite ongoing macroeconomic uncertainties, several indicators suggest a gradual improvement for Ethereum, especially within its derivatives market. This specific configuration has not been observed for nearly three years.
This particular reading has not been observed since 2023. Given that Binance accounts for over 37% of the total ETH open interest, it serves as a critical platform for analyzing futures positioning.
A ratio exceeding 1 indicates that aggressive buy orders are outpacing sell orders, signifying buyer dominance in the perpetual contract market.
Crucially, this shift is occurring in a gradual manner, without significant speculative spikes. Such steady accumulation is generally viewed as a healthier development in derivatives markets, which are often susceptible to rapid imbalances and liquidation cascades.
When considered in conjunction with the addition of $90 billion to the total cryptocurrency market capitalization since Monday, this signal offers a cautiously optimistic outlook as the market heads into the weekend.
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