$2.2 Billion in Crypto Options Expire Today as a Hidden Ethereum Signal Resurfaces

Around 26,700 Bitcoin (BTC) options contracts expire on Friday, April 10, carrying a notional value of roughly $1.9 billion. Another 151,500 Ethereum (ETH) contracts also settle today, worth approximately $332 million.

The combined expiry adds up to over $2.2 billion. However, the event is relatively small compared to the record $27 billion quarterly settlement in late 2025 and is unlikely to move spot prices on its own.

BTC Options Show Renewed Optimism Above $70,000

This week’s batch of BTC contracts has a put/call ratio of 0.71, indicating more bullish long positions than bearish shorts. Max pain sits around $69,000, according to Deribit, well below the current spot price near $71,759.

Open interest remains highest at the $80,000 strike on Deribit, with $1.6 billion in bullish bets now dominant.

Total BTC options open interest across all exchanges has pulled back to $34 billion following the end of the Q1 expiry cycle.

Traders responded to this week’s rebound by buying short-term call options and rolling put positions to higher strike prices. That repositioning reflects a more constructive outlook following BTC’s recovery above $70,000.

“Judging by key options indicators, the rebound above $70,000 has clearly boosted market sentiment, primarily by alleviating fears of a black swan-induced crash, rather than reflecting expectations of sustained price gains,” wrote analysts at Greeks.live.

ETH Derivatives Flash Rare Bullish Signal

On the Ethereum side, max pain sits at $2,050 with a put/call ratio of 0.77. Total ETH options open interest across exchanges stands near $6.6 billion.

Beyond the expiry itself, CryptoQuant analyst Darkfost flagged a recovery signal in ETH derivatives. The Taker Buy Sell Ratio on Binance has moved back into positive territory, with a monthly average around 1.016. The metric has held above 1 for several consecutive days.

This reading has not appeared since 2023. Binance accounts for over 37% of total ETH open interest, making it a key venue for reading futures positioning.

A ratio above 1 means aggressive buy orders outpace sells, signaling buyer dominance on perpetual contracts.

Importantly, the shift is happening gradually and without excessive spikes. That kind of steady buildup tends to be healthier in derivatives markets, which are often prone to rapid imbalances and liquidation cascades.

Combined with $90 billion added to total crypto market capitalization since Monday, the signal offers a cautiously constructive note heading into the weekend.

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