$8.05B Bitcoin and Ethereum Options Expiry Sparks Market Jitters: Will Whales Save the Day?

The crypto markets brace for potential turbulence today as Bitcoin and Ethereum options worth a combined $8.05 billion reach expiry, setting the stage for heightened volatility across the digital asset space.

The bulk of the expiry action is happening on Deribit, the world’s largest crypto derivatives exchange, where institutional players and retail traders alike are eyeing the possible market shake-up.

For Bitcoin, about 77,642 options contracts representing $7.24 billion are set to expire. A put-to-call ratio of 0.73 signals a bullish market sentiment, with many bets riding on upward price momentum. However, Bitcoin’s trading price — around $93,471 at the time of reporting — sits well above its “maximum pain” point of $86,000, hinting that short-term price pressure could emerge.

Meanwhile, Ethereum is seeing 458,926 contracts valued at $808.3 million expire. With a put-to-call ratio of 0.74, sentiment mirrors Bitcoin’s cautious optimism. Yet Ethereum’s price, hovering near $1,764, remains below its $1,900 maximum pain point, a sign of softer support compared to Bitcoin.

Market experts warn that the high concentration of options near key strike zones could lead to rapid price movements, acting either as magnets for consolidation or triggers for sharp reversals.

Bitcoin Whales Flex Muscles, Betting Big on Upside

Despite near-term uncertainty, long-term Bitcoin bulls appear undeterred. Whale accumulation is surging, with Glassnode’s Accumulation Trend Score climbing to 0.9 among wallets holding over 10,000 BTC. This trend hints at strong conviction among deep-pocketed investors.

Optimism is also reflected in option flows, with heavy activity targeting $90,000–$110,000 strike prices for upcoming expiries. Analysts point to Trump’s recent tariff rollbacks and global risk-on sentiment as factors fueling capital shifts from gold into Bitcoin.

Still, according to Polymarket forecasts, only a 16% probability is assigned to Bitcoin reaching $100,000 by the end of April, suggesting cautious optimism is the prevailing mood.

Ethereum Faces Sell Pressure Amid Whale Exit

In contrast, Ethereum is facing headwinds. Whales recently dumped over 63,000 ETH ($110 million) in just 48 hours, according to market tracker Ali Martinez. In total, over 305,000 ETH were moved to exchanges last week, a pattern often linked to impending sell-offs.

Despite a brief rally above $1,800, ETH remains fragile, struggling to reclaim key resistance levels. The options market reflects this caution, with relatively lower bullish volume compared to Bitcoin.

Unlike Bitcoin, Ethereum lacks strong mega whale support at the moment, adding to fears that ETH may continue to underperform in the near term.