The crypto market faces a critical inflection point today, as $8.05 billion worth of Bitcoin and Ethereum options are set to expire. This significant event could inject sharp volatility into the market, with traders and institutions alike closely monitoring potential price swings.

The expiry, hosted on Deribit — the largest crypto derivatives exchange — comes at a time when both Bitcoin and Ethereum prices are perched at sensitive technical levels. Historically, large expiry events often lead to sudden directional moves, and today’s scale makes it particularly noteworthy.

Bitcoin’s Bullish Bias Faces Expiry Test

For Bitcoin, 77,642 contracts with a notional value of approximately $7.24 billion are expiring. The put-to-call ratio for BTC stands at 0.73, indicating a bullish skew among traders. This suggests that the majority of traders are betting on continued upside.

The maximum pain point — the price level where most options expire worthless — is positioned at $86,000. Bitcoin, however, is trading much higher around $93,471 at the time of writing. This gap could create short-term pressure on BTC prices as expiry nears, potentially leading to temporary volatility.

Meanwhile, open interest is heavily clustered between $80,000 and $90,000, creating a significant liquidity zone that could act either as a launchpad or a resistance barrier depending on how the market digests the expiry.

Ethereum Faces Caution as Whales Exit

Ethereum is in a somewhat different position. 458,926 contracts worth $808.3 million are expiring, with a put-to-call ratio of 0.74. Despite this slightly bullish skew, Ethereum trades below its maximum pain point of $1,900, sitting near $1,764.

Adding to bearish concerns, Ethereum whales have been offloading holdings at a rapid pace. In the past 48 hours alone, over 63,000 ETH were transferred to exchanges, valued at more than $110 million. Over the past week, 305,000 ETH — equivalent to about $540 million — has moved, signaling potential sell pressure.

This contrasts sharply with Bitcoin, where whale accumulation has been strengthening. On-chain data shows Bitcoin whales accumulating over 50,000 BTC since March 22, with Glassnode’s Accumulation Trend Score surging to 0.9, reflecting strong buying appetite from large holders.

Diverging Paths: Bitcoin Strength, Ethereum Fragility

While Bitcoin’s structural support from whales and positive ETF inflows indicate strengthening fundamentals, Ethereum’s vulnerability to profit-taking and weaker whale support suggests a more fragile near-term outlook.

Bitcoin has benefited from favorable macro developments as well, including easing trade tensions after the rollback of Trump-era tariffs, prompting a shift in investor sentiment toward risk assets like crypto.

Options activity reinforces this narrative — bullish positioning on Bitcoin remains strong for expiries between April and June 2025, particularly targeting strike prices between $90,000 and $110,000. Ethereum’s options volume, although improved, remains comparatively muted.

Key Takeaways as $8.05B Options Expiry Unfolds

Today’s options expiry will likely act as a volatility catalyst for the broader market. Bitcoin appears well-positioned to weather short-term swings and maintain an upward bias, supported by whale accumulation and favorable institutional flows.

Ethereum, by contrast, faces a tougher road ahead as whale sell-offs and structural weaknesses weigh on sentiment.

Short-term traders should brace for whiplash around key technical levels, especially near Bitcoin’s $86,000 max pain point and Ethereum’s $1,900 mark. Longer-term, Bitcoin’s prospects remain far brighter, fueled by strengthening fundamentals, while Ethereum must overcome liquidity headwinds to regain investor confidence.