"Decline Impossible Now"...Option Data Points to Confirmed Upside Scenario

▲ Bitcoin (BTC), Ethereum (ETH)/ChatGPT Generated Image

As a large-scale option expiry approaches, Bitcoin and Ethereum are maintaining key support levels, fostering an optimistic trend across the overall market.

According to a report by crypto media outlet BeInCrypto on April 9 (local time), Bitcoin option contracts worth approximately 26,700 BTC are set to expire on April 10. The notional value is about $1.9 billion. Concurrently, Ethereum options totaling approximately 151,500 ETH will also be settled, amounting to about $332 million. The total value of options expiring exceeds $2.2 billion.

However, this expiry volume is relatively small compared to the $27 billion recorded at the end of 2025, suggesting that its direct impact on the spot market will be limited. The market appears to be maintaining stable price movements without large-scale liquidations.

In the Bitcoin options market, bullish signals are clearly evident. The put/call ratio is recorded at 0.71, indicating that buy positions outweigh sell positions. According to Deribit, the maximum pain price is $69,000, which is lower than the current spot price of early $70,000s. Notably, open interest worth approximately $1.6 billion is concentrated at the $80,000 strike price, reflecting a structure that anticipates further upside.

Ethereum shows a similar trend. The put/call ratio in the options market was recorded at 0.77, and the maximum pain price was $2,050. On-chain data also shows signs of buyer dominance. The taker buy/sell ratio on Binance has moved into positive territory, indicating a strengthening of buying pressure in the market. This is the first time this metric has been positive on a monthly basis since 2023.

Specifically, the fact that buy orders have surpassed sell orders on Binance, which accounts for a significant portion of the total open interest, indicates that bullish sentiment is also dominant in the perpetual futures market. Investors are re-strategizing their portfolios, increasing their allocation to short-term call options and raising put option strike prices, preparing for potential upside.

The total cryptocurrency market capitalization has also continued its recent upward trend. An increase of approximately $90 billion since the beginning of the week confirms a recovery in market strength. The gradual accumulation of buying pressure in the derivatives market without sharp volatility is considered a positive sign that reduces liquidation risk.

The market is leaning towards the possibility of a continued short-term upward trend if this options expiry is absorbed without major shocks. Investors are closely monitoring whether key price levels are defended and changes in derivatives indicators to gauge future direction.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*