Analyst: $2.27 Billion Nominal Value of Options Set to Expire Today, Bitcoin Metrics Still Point to Bear Market Characteristics

**Crypto Options Expiry Recap (April 10)** Per Greeks.live data, 27,000 BTC options expired on April 10, with a put/call ratio of 0.71, max pain at $69,000 and a notional value of $1.94 billion. Additionally, 151,000 ETH options expired, featuring a put/call ratio of 0.77, max pain at $2,050 and a notional value of $330 million. Greeks.live analyst Adam noted this week’s market got a boost from the U.S.-Iran ceasefire, pushing Bitcoin above $72,000 to break out of its recent consolidation range. Bitcoin’s options market share continues to top 80%, with the most-held expirations falling at late April and June—trading activity is concentrated on the late-April monthly expiry. Key options metrics show Bitcoin’s front-month expiry implied volatility (IV) has dropped sharply, with most expirations now around 40%. Ethereum’s front-month IV has also fallen to roughly 60%, while skew continues to rise but not by a meaningful margin. Year-to-date, Bitcoin has underperformed in both price and hype, with this week marking one of its few sustained rebound rallies. However, fund flows and other metrics indicate the crypto market remains driven by other asset classes, and its own indicators point to bearish signals.