options

According to Greekslive, approximately 22,000 BTC options are expiring, with a Put/Call ratio of 1.05, a maximum pain point of $72,000, and a notional value of about $1.65 billion; at the same time, about 100,000 ETH options are expiring, with a Put/Call ratio of 0.95, a maximum pain point of $2,250, and a notional value of about $460 million.

Deribit officially tweeted that tomorrow at 08:00 UTC (16:00 Beijing time), approximately 2.1 billion dollars worth of cryptocurrency options will expire on the platform.Among them, the notional value of BTC options is about 1.63 billion dollars, with a put/call ratio of 1.02, having flipped from bullish dominance to bearish dominance since last week; the notional value of ETH options is about 445 million dollars, with a put/call ratio of 0.94, and the open interest (OI) for Ethereum has increased week-on-week.Deribit pointed out that despite overall market volatility, both major assets are currently operating below their maximum pain price levels. The maximum pain for BTC is 71,000 dollars, and for ETH it is 2,250 dollars.

Bitcoin rose to about $74,935 during the Asian session, up 0.7% in the last 24 hours and 5.4% for the week. However, the derivatives market is sending mixed signals. Institutional firm QCP Capital pointed out that this round of increase is mainly driven by spot trading, rather than a broad recovery in risk appetite.Currently, the funding rate for Bitcoin perpetual contracts remains negative, and open interest has decreased, indicating that short sellers are still increasing hedges rather than passively closing positions. The options market is also leaning towards caution: short-term implied volatility is sluggish, with one-month volatility lower than three-month volatility, and the risk reversal indicator shows that the market's demand for downside protection is higher than for upside bets, indicating that traders are more inclined to pay for potential declines rather than chase upward movements. QCP believes this is more of a "bounce" rather than a trend reversal.On a macro level, long-term U.S. Treasury yields and gold prices have not confirmed a recovery in risk appetite, with gold still near high levels, indicating that safe-haven demand remains. Institutions point out that the current market is more driven by expectations of a ceasefire and "emotional repair," rather than a core risk being alleviated. Additionally, Ethereum has shown relatively strong performance, with the ETH/BTC ratio rising to about 0.0315, combined with on-chain transaction volumes and stablecoin supply reaching all-time highs, indicating signs of capital rotating towards high β assets. However, the market still needs to observe the evolution of subsequent risk events to confirm the sustainability of this round of increase.

Greeks.live macro researcher Adam pointed out on the X platform that as the price of Bitcoin continues to rebound, the implied volatility (IV) of major term options is actually decreasing, and while IV is falling, the skew is clearly positively biased. The main reason for this phenomenon is that the military conflict between the U.S. and Iran is gradually calming down, and the market's concerns about war risks are dissipating, leading to a significant drop in the prices of put options.The trading on the order book and in bulk is relatively balanced, with major transactions concentrated in the current and next month. The market is readjusting its position layout, and the main participants have reached a consensus on the future market expectations—low volatility expectations are becoming the mainstream in the market.

According to DL News, STS Digital's CEO Maxime Seiler stated that Bitcoin traders are increasingly positioning themselves for a price decline.In a report, he noted that the demand for put options is significantly higher than that for call options, with investors paying a premium for downside protection while selling off bullish bets, reflecting a sense of panic in the market. This bearish signal comes as Bitcoin's trading price hovers slightly above $70,000.Previously, Bitcoin fell nearly 4% over the weekend due to President Trump's threat to block the Strait of Hormuz. On Monday, the U.S. Central Command announced that the Navy would intercept all vessels entering or leaving Iranian ports starting at 10 AM Eastern Time, causing oil prices to rebound above $100 per barrel.High oil prices mean rising inflationary pressures, which will be a major focus for global central bank governors at their meeting in late April. The prices of risk assets like Bitcoin are highly dependent on the policies of these institutions, as they determine the money supply in the financial system. The unresolved Middle East conflict will remain a focal point for the market this week.

According to CoinDesk, as market sentiment improves, the Bitcoin options market is showing a significant shift. The call options with a strike price of $80,000 on Deribit have become the most popular trades, with an open interest exceeding $1.6 billion, surpassing the previously dominant $60,000 put options (with an open interest of about $1.41 billion). Analysts believe that the recent temporary ceasefire between the U.S. and Iran has led to a decline in oil prices, easing inflation expectations, which may enhance the market's expectations for a rate cut by the Federal Reserve, thereby benefiting risk assets including Bitcoin.In addition, asset management firm 21Shares stated that with continued inflows into ETFs and increased institutional holdings, if the geopolitical situation eases and the regulatory environment improves, Bitcoin could potentially surge to $100,000 by the end of the second quarter. However, risks remain in the market; the current ceasefire situation is relatively fragile, and if the conflict in the Middle East escalates again, a rebound in oil prices could suppress market risk appetite, thereby limiting Bitcoin's upside potential.

BIT released today's chart stating that market trading volume has significantly shrunk, lacking clear directional catalysts. While Bitcoin ETFs recorded a net inflow of about $1.3 billion, Ethereum continues to face capital outflows, further exacerbating the divergence in demand between the two.From a macro perspective, despite ongoing geopolitical risks, volatility continues to converge, making put strategies increasingly favored. Recent changes in the Ethereum options market are particularly notable: the proportion of sold upside call options has risen sharply, indicating a lack of confidence in a short-term rebound for ETH. A few months ago, traders were actively buying upside exposure; now the trend has shifted, with more Ethereum traders opting to earn premiums by selling call options rather than betting on directional increases.

The U.S. Securities and Exchange Commission (SEC) announced the approval of the rule change application for listing multiple cryptocurrency product trust options on the NYSE American.Previously, only options for single cryptocurrency product trusts were allowed for listing, and now it has been expanded to support options for product trusts holding multiple cryptocurrencies. The prerequisite for listing is that each cryptocurrency held by the trust must individually meet high liquidity standards—an average daily market value of at least $700 million over the past 12 months, and the derivative contracts of that cryptocurrency must have a comprehensive surveillance sharing agreement with the trading platform.Trust shares must meet the initial and continued listing standards for ETF options set by the trading platform and belong to NMS stocks. After review, the SEC believes that this rule change will allow investors to gain more exposure to cryptocurrency investments and hedging tools without the need to apply for SEC approval each time, thereby enhancing market efficiency.

Bybit has exclusively launched XAUT (Tether Gold) options, combining physically gold-backed tokens with options strategies for a new dimension in asset allocation.

According to Jin Shi reports, Perli, the manager of the New York Federal Reserve System's open market account, stated that the Federal Reserve has many options to consider for further reducing the balance sheet.

GameStop disclosed that the approximately 4,710 BTC previously transferred to Coinbase Prime was not sold but used as collateral in a covered call strategy to generate option premium income.The company sold short-term call options over-the-counter (OTC), with strike prices ranging from $105,000 to $110,000, generating income while retaining exposure to Bitcoin, but this also limited the upside potential. As a result of this structure, GameStop no longer directly holds Bitcoin assets but records them as "receivable assets," which means the right to recover an equivalent amount of BTC from the counterparty in the future. Since the collateral can be rehypothecated or reused, its position has transformed into a derivative exposure with counterparty risk.The financial report shows that as of the end of the fiscal year, the value of receivable assets related to this strategy was approximately $368.3 million, while an unrealized loss of about $59.7 million was recorded (due to the decline in Bitcoin prices). Additionally, the company confirmed approximately $700,000 in option liabilities and $2.3 million in unrealized gains.

According to Jinshi News, the Chicago Board Options Exchange Volatility Index rose by 1.17 points, closing at 26.5 points.

This Friday, the crypto options market will see quarterly settlements, marking the largest expiration date for current market positions. The value of BTC options is approximately $14.16 billion, with a maximum pain point of $75,000. The value of ETH options is approximately $2.2 billion, with a maximum pain point of $2,350.

According to market news, approximately $16.38 billion worth of Bitcoin and Ethereum options will expire this Friday. Among them, 199,000 Bitcoin options will expire, with a notional value of $14.16 billion, a maximum pain price of $75,000, and a put/call ratio of 0.63.At the same time, Ethereum options with a notional value of $2.22 billion will expire, with a maximum pain price of $2,300 and a put/call ratio of 0.57.

According to the company's press release, HYPE Treasury Company Hyperliquid Strategies Inc announced on Tuesday the launch of options trading for its common stock PURR on the Nasdaq options market in the United States, aimed at improving the liquidity and price discovery mechanism of PURR stock. PURR stock provides investors with a capital-efficient way to access Hyperliquid's native token HYPE. Hyperliquid Strategies primarily accumulates HYPE tokens through staking, yield optimization, and ecosystem participation to maximize shareholder value.Hyperliquid Strategies CEO David Schamis stated, "This is an important milestone for the company. PURR options enable our investors to better manage risk and participate in the rapid growth of the Hyperliquid high-performance ecosystem."Schamis pointed out that at the time of the options launch, Hyperliquid is experiencing record growth, thanks to a surge in trading volume of oil perpetual contracts and other tokenized real-world assets. Just six months after its launch, the total open contract volume for the tokenized traditional asset perpetual futures market HIP-3 on Hyperliquid has reached a new peak of $1.74 billion.

BIT (formerly Matrixport) released a chart today stating that the spot price of Bitcoin has not yet fully reflected this change, but the options market has responded, with implied volatility significantly rising and demand for downside protection continuing to heat up. In the past week, the proportion of bearish buying in Bitcoin options trading reached 29%, while Ethereum was even higher at 37%, indicating a clear shift towards defensive positions.Behind this round of position adjustment is a deep concern among traders regarding geopolitical tensions: inflationary pressures may persist longer as a result, affecting not only oil prices but also spreading to a broader range of growth-sensitive assets. Therefore, continuously tracking changes in market positions remains crucial, especially in the options market.Compared to spot trading, options often reflect changes in the risk appetite of fast-money accounts and tactical funds earlier. Although overall trading volume remains relatively low, market participants have not relaxed their vigilance but are actively managing tail risks. However, it is worth noting that Bitcoin's performance is still outpacing other risk assets.

According to The Block, NYSE Arca and NYSE American, subsidiaries of the New York Stock Exchange, have submitted rule changes to the SEC to eliminate the 25,000 contract position and exercise limits for spot Bitcoin and Ethereum ETF options.The U.S. Securities and Exchange Commission (SEC) waived the standard 30-day waiting period for these two documents, allowing the changes to take effect immediately upon submission, marking the completion of this adjustment by all major options exchanges in the United States. The rule change covers 11 cryptocurrency ETF products, including BlackRock IBIT, Fidelity FBTC, ARK 21Shares ARKB, Grayscale Bitcoin and Ethereum Trusts, and Bitwise's Bitcoin and Ethereum ETFs. These products can now determine position limits according to the standard framework of each exchange, with large liquidity ETFs eligible for limits of 250,000 or higher.This move helps institutional investors implement hedging strategies and basis trading more efficiently. Additionally, the Nasdaq ISE has submitted a proposal to increase the IBIT exclusive options position limit to 1 million contracts, which is currently under review by the U.S. SEC. If approved, this proposal will bring the position size of IBIT closer to that of the largest stock ETFs. The comment period for the related documents will end on April 13.

Greeks.live macro researcher Adam posted on platform X that today 23,000 BTC options are expiring, with a Put Call Ratio of 0.88, a maximum pain point of $70,000, and a nominal value of $1.6 billion. 176,000 ETH options are expiring, with a Put Call Ratio of 1.04, a maximum pain point of $2,150, and a nominal value of $370 million.The current rebound in the crypto market has been declared over, with Bitcoin briefly falling below the $70,000 threshold. In the past week, $75,000 has often been mentioned as a key resistance level, with 5% of options expiring at this price by the end of the month. The final breakthrough failed, falling back to around $70,000. Next Friday is the quarterly settlement, and from the options market data, $75,000 is the price with the most concentrated positions, making it an absolute resistance level. The lower levels of $65,000/$62,000/$60,000 are all areas of dense positions and can be considered as support for a decline.This week, the implied volatility (IV) and realized volatility (RV) of major expiration options have remained basically unchanged, with the main expiration IV for BTC at 50% and for ETH at 70%. The RV continues to decline, causing the volatility risk premium (VRP) to rise continuously. Only options accounting for 5% of the total positions are expiring, continuing to hit record lows. Despite the volatility, Bitcoin's trading activity remains at extremely low levels. Due to the price decline, the skew has decreased across the board, and the market is still in a bear phase, with bullish forces being very weak.