Today, on Good Friday, options contracts worth more than $2.2 billion for Bitcoin and Ethereum are set to expire. This occurs at a time when the crypto markets are grappling with uncertainties stemming from the macroeconomy. President Trump is urging the Federal Reserve (Fed) to lower interest rates, but Fed Chair Jerome Powell remains firm and unyielding.

On April 18, 23,221 Bitcoin (BTC) options contracts are due to expire, with a total value of $1.966 billion. Data from Deribit shows that the put/call ratio is 0.96, indicating a higher prevalence of purchase options (calls) over sales options (puts). The maximum pain or strike price for the expiring Bitcoin options is set at $82,000, potentially causing the greatest financial losses for holders at that point.

Additionally, 177,130 Ethereum contracts are also set to expire, with a notional value of $279.789 million. The put-to-call ratio for expiring Ethereum options is 0.84, with a maximum pain level of $1,600.

Compared to the previous week, this week's options expiry event is relatively smaller. Despite the calm market observed with low volatility and flat skew, post-expiry price swings based on historical data may indicate an impending market move.

Analysts mention that traders should keep a close watch on current developments as the expiry of options could lead to price fluctuations. While the market sentiment appears calm, there is a prevailing bearish to neutral outlook amongst traders. The likelihood of a black swan event, a rare and unexpected occurrence that can significantly impact the market, is also highlighted.

Given the ongoing uncertainties and potentials for market volatility due to various factors including interest rates and trade wars, traders are advised to consider buying out-of-the-money put options for risk management amid the current market conditions.