On Friday, April 18th, another Bitcoin option expiration has arrived. While the spot market is generally maintaining a sideways trend, cryptocurrency options worth approximately 2.7 trillion won are reaching maturity.
The Bitcoin option contracts expiring this week total about 23,200, amounting to $1.9 billion (approximately 2.7 trillion won). Compared to last week, the scale has slightly decreased, but there is no significant difference. With recent derivatives and spot trading volumes declining and volatility reducing, the impact on the spot market is expected to be limited.
The put/call ratio for Bitcoin options this week is 0.92, indicating almost balanced selling and buying positions. The maximum pain point is around $82,000. The options open interest (OI) is highest at $100,000 strike price, reaching $1.4 billion, suggesting that derivatives investors are betting on an increase.
According to Deribit exchange, there is also substantial open interest at the $75,000 strike price, indicating that short-selling forces are still maintaining their positions.
Derivatives analysis firm Glasshouse Live stated, "Market participants are generally optimistic in the short term" and "expect Bitcoin to rise to the $88,000-$90,000 range next week".
They also explained that "while some traders are strengthening put positions, the mismatch between spot buying and futures short-selling activities suggests that market participants remain cautious about volatility".
In addition to Bitcoin options, Ethereum option contracts of approximately 177,000 contracts (worth $271 million) are also expiring. The maximum pain point is $1,600, with a put/call ratio of 0.88. Consequently, the total cryptocurrency option expiration this Friday amounts to around $2.2 billion.
The cryptocurrency market showed a relatively stable trend over the past 24 hours, with a total market capitalization of $272 billion. Bitcoin dropped below $84,000 but quickly rebounded, recovering to $85,000. Ethereum failed to break through the $1,600 resistance and is currently trading at $1,583.
Glasshouse noted that "Bitcoin's price is very well maintained despite low trading volume, indicating potential for increase," though experts initially forecast a price adjustment.
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