Approximately $2.3 billion in cryptocurrency options are set to expire on Friday, April 10, 2026, in what analysts describe as a smaller-than-usual weekly expiry event. The batch includes roughly 26,700 Bitcoin (BTC) options with a notional value of $1.94 billion and about 151,500 Ethereum (ETH) options valued at $330 million.
Data from Deribit indicates the Bitcoin options have a put/call ratio of 0.71, suggesting more long positions (calls) are expiring than short positions (puts). The 'max pain' price—where the most options expire worthless—is around $69,000, which is below Bitcoin's current spot price near $72,000. This implies many contracts could expire out of the money. Despite this expiry, open interest for Bitcoin options remains highest at the $80,000 strike price on Deribit, with $1.6 billion in bullish bets, though total BTC options open interest across exchanges has fallen to $34 billion following the larger Q1 expiry.
For Ethereum, the put/call ratio is 0.77 with a max pain point at $2,050. Total ETH options open interest stands at approximately $6.6 billion. Analysts at Greeks Live commented that the recent rebound above $70,000 for Bitcoin has "boosted market sentiment, primarily by alleviating fears of a black swan-induced crash, rather than reflecting expectations of sustained price gains." Meanwhile, CryptoQuant analyst 'Darkfost' noted that Ethereum derivatives are showing signs of gradual recovery despite a persistently uncertain macro environment.
The market context includes a fragile geopolitical truce, with a reported two-week ceasefire in the US-Iran conflict providing some relief and contributing to upward price movement. Deribit stated, "A fragile truce to parry grotesque rhetoric rallied markets with a sense of relief," noting traders bought short-term BTC call options and rolled put options to higher strikes.
However, analysts caution that underlying data still points to bearish conditions. Greeks.live analyst Adam noted that while Bitcoin broke above $72,000 this week, escaping its recent consolidation range, Bitcoin's options market share remains above 80% and it underperformed in Q1 2026 in both price and trading volume. He concluded that "all indicators still point to bearish market conditions."
In spot markets, the total crypto market capitalization added around $90 billion since Monday, reclaiming the $2.5 trillion level. Bitcoin gained 8.4% over the past week, trading near $72,000, while Ethereum held gains just under $2,200. Altcoins, however, were generally flat and remained near bear market lows.
