$8 Billion Options Expiration Sparks Recovery Signals for BTC and ETH
25.04.2025 14:24
On April 25, 2025, major option contracts on Deribit have expired, triggering renewed attention on the recovery of Bitcoin (BTC) and Ethereum (ETH). According to Greeks.live, 78,000 BTC options with a notional value of $7.18 billion and 461,000 ETH options with a notional value of $820 million expired. The BTC options reported a put/call ratio of 0.75 and a max pain point at $86,000, while ETH options showed a ratio of 0.82 with a max pain point at $1,900. These metrics suggest a prevailing bullish sentiment despite lingering market uncertainty. Analysts note that the recovery was partly bolstered by renewed investor confidence, influenced by recent geopolitical and trade-related developments. However, with options representing a significant portion of total positions and market uncertainty ever-present, investors are cautioned to consider multiple data points when evaluating future price movements.
For BTC, the news indicates strong recovery sentiment due to a favorable put/call ratio of 0.75, suggestive of upward momentum. The notional value of $7.18 billion and a recovery trajectory towards discussing the $100,000 level contribute to bullish expectations. However, the high max pain point at $86,000 and market uncertainties may lead to short-term volatility while long-term effects could materialize as more institutional and retail investors re-enter the market.
ETH appears to be exhibiting similar bullish sentiments, as the put/call ratio of 0.82 supports an upward trend despite being near neutral levels. With a notional total of $820 million in expiring options and strong market recovery, ETH is likely to experience short-term gains. Nonetheless, as market uncertainty persists, price movements may remain cautious in the immediate term, with long-term improvements dependent on broader market sentiment and additional bullish signals.
Sources
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