Today (28), approximately US $ 14.21 billion in Bitcoin (BTC) and Ethereum (ETH) options are about to expire.

Market observers are especially aware of this event, as it has the potential to influence short -term trends through the volume of contracts and their notional value.

Billions in Bitcoin and Ethereum options expiring

The notional value of the BTC options that expire today is $ 12.075 billion. According to Deribit data, these 139,260 Bitcoin options that expire have a PUT-TO-CALL ratio of 0.49. This relationship suggests a prevalence of call options (Puts).

The data also reveal that the maximum damage point for these expiration options is $ 85,000. This number is the price at which the asset will cause the largest number of financial losses to holders.

In addition to Bitcoin options, 1,068,519 Ethereum options contracts are scheduled to expire today. These options that expire have a notional value of $ 2.135 billion, a PUT-TO-CALL ratio of 0.39 and a maximum damage of US $ 2,400.

The number of Bitcoin and Ethereum options that expire is significantly higher than last week. In addition, the beinchrypto reported that the BTC and ETH options that expired last week were 21,596 and 133,447 contracts, respectively. In the same tone, they had real value of $ 1.826 billion and US $ 264.46 million, respectively.

BTC and ETH Options Expiration reaches US $ 14 billion

This significant variation occurs because the options that expire this week correspond to both monthly and quarterly closure, marking the last Friday of March. Deribit schedules its expirations for Fridays, in accordance with traditional financial market practices (Tradfi), offering traders a predictable and aligned schedule with the global financial calendar.

In many global markets, including actions and derivatives, expiration dates for options contracts are commonly defined for the end of trading week-often a Friday-to standardize time and facilitate settlement processes.

Deribit has adopted this convention to maintain familiarity to traders that are transition from Tradfi to crypto markets and to ensure that market liquidity and activity reach peak at a predictable time.

Tomorrow is not just any Friday; It is one of the biggest expirations of the year. More than $ 14 billion in BTC and ETH options are scheduled to expire at 08:00 UTC. How do you think the first quarter will end? Deribit he asked In a post on Thursday.

Implicit volatility towards the quarterly maturity of options

In fact, the expiration of the options concludes the first quarter (Q1) in the expirations of options. In the meantime, Deribit analysts, an exchange of cryptocurrency derivatives, observe implicit volatility curves (IV) for BTC and ETH, showing market expectations about price fluctuations.

Specifically, the bitcoin curve indicates a strong bias towards higher prices (high tilt) as calls are priced much higher than puts. On the other hand, Ethereum’s flatter volatility curve suggests less directional bias, but still reflects high volatility. This indicates early price movement around the expiration date of the $ 14.21 options.

Graph 1 – $ BTC: BTC showing a high -grade high tilt, much higher calls. Graph 2 – $ eth: The Eth’s curve is flatter, but the volume is still high throughout the line. Both markets signal anticipation of movement during or after expiration, the deribit noted.

This suggests that both Bitcoin and Ethereum markets anticipate movement during or after expiration. Elsewhere, Greeks.live analysts shed light on the current market feeling, citing a cautiously pessimistic perspective that dominates investors’ view for Bitcoin.

Specifically, they suggest that most traders anticipate a lower price levels around $ 84,000 – $ 85,000. Bitcoin being negotiated for US $ 85,960 until the publication of this text indicates a potential short -term movement in the short term.

However, some traders observe that Bitcoin is stuck in a limited and narrow trading standard, implying limited volatility unless a rupture occurs. In this context, Greeks.Live highlights key technical levels.

Key resistance levels being observed are 88,400, where a significant passive sale was observed, and a potential support in 77,000, which a trader called the definitive background, analysts wrote .

Greeks.live analysts too notice that implicit volatility is under pressure due to quarterly delivery, observing significant deviations in IV Mark. This suggests opportunities for traders to explore these fluctuations through manual or automated strategies.