The expiration of approximately $8.05 billion worth of Bitcoin (BTC) and Ethereum (ETH) options today is expected to generate volatility in the crypto market. Traders and investors are advised to pay close attention to the high volume and notional value of today's options expiry, which could potentially impact short-term trends. Monitoring put-to-call ratios and maximum pain points can offer insights into potential market directions.

The notional value of expiring Bitcoin options today is $7.24 billion, with a put-to-call ratio of 0.73, indicating a prevalence of purchase options (calls) over sales options (puts). The maximum pain point for these expiring Bitcoin options is at $86,000. Similarly, 458,926 expiring Ethereum options contracts today have a notional value of $808.3 million, a put-to-call ratio of 0.74, and a maximum pain point at $1,900.

Bitcoin is currently trading above its maximum pain level at $93,471, while Ethereum is trading below its strike price at $1,764. Analysts note that while BTC trades above the max pain level and ETH trades below it, the positioning of open interest suggests potential price consolidation or volatility in the short term.

Despite strong market expectations of Bitcoin reaching $100,000, traders estimate only a 16% chance of this happening in April, according to Polymarket data. Moreover, the surge in Bitcoin call option buying for future expiries between April and June 2025 indicates bullish market sentiment inspired by the recent price increase above $90,000.

Deribit analysts highlight a market stabilization effect following a tariff policy reversal on April 9, which reduced global market volatility and potentially encouraged a shift in investments from gold to crypto, contributing to Bitcoin's price recovery. Additionally, strategic adjustments by traders, such as rolling up existing positions, played a significant role in Bitcoin's recovery, suggesting a combination of new money influx and existing position adjustments.