$13 billion in Bitcoin options and $2.12 billion in Ethereum options are set to expire today

Massive Crypto Options Expiration Hits Market as Quarterly Close Arrives

It's quarterly options expiration day, and the numbers are big. According to Adam, a macro researcher at Greeks.live, 68,000 BTC options are set to expire. The put-call ratio sits at 0.56, with a max pain point of $74,000. Notional value? A hefty $13 billion.

On the ETH side, 370,000 contracts are expiring. Put-call ratio also at 0.56, max pain at $2,250. That adds another $2.12 billion in notional value.

Combined, about 36% of all bitcoin and ethereum options are rolling off today. A lot of positions have been rolling forward this week—at one point, open interest from rolling activity topped 40% of total.

Trading activity in bitcoin is on the softer side right now. Implied volatility (IV) for major tenors is at 51%. For ETH, it's at 70%. Realized volatility (RV) has been dipping, which has pushed the volatility risk premium (VRP) higher. The 15-day VRP hit nearly 20% in the first half of this week.

The takeaway? Bitcoin's had a rough Q1 on both price and activity fronts. Market confidence is shaky.