Yeliz Akmaca 
The crypto market faces a crucial turning point today. Around $14.6 billion worth of Bitcoin and Ethereum options are set to expire. This event increases volatility and forces investors to readjust their trading strategies.
Bitcoin Options Reach $11.47 Billion
Bitcoin options total $11.47 billion in nominal value. Open interest stands at 102,598 contracts. The Put-to-Call ratio is 0.78, showing a cautiously optimistic outlook. The maximum pain point is positioned at $115,000, where option holders would face the largest financial losses.
Meanwhile, Nvidia’s recent earnings report adds uncertainty to the market. Traders are debating whether Bitcoin will mirror stock market movements or maintain an independent trajectory.
Ethereum Options Total $3.13 Billion
On the Ethereum side, expiring options carry a nominal value of $3.13 billion. Total open interest is recorded at 697,419 contracts. The Put-to-Call ratio sits at 0.77, highlighting a dominance of call options. This signals that investors lean more toward a bullish outlook.
Ethereum’s maximum pain level is set at $3,800, representing the price where most investors would experience maximum losses. Deribit data points to cautious optimism, but analysts highlight relative weakness in Ethereum compared to Bitcoin.
At the same time, Nvidia remains central to market discussions. Data from Greeks.live shows low implied volatility for BTC, with traders split over the expected direction. Notably, a similar impact was observed after Nvidia’s earnings release in February 2024.
In the end, both Bitcoin and Ethereum prices are expected to move toward their respective maximum pain levels. This alignment will likely drive heightened market volatility throughout the day.
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