The $9.87 Billion Nominal Value Bitcoin and Ethereum Options Will Expire on April 24th

On April 24, Greeks.live shared April 24 options expiration data on social media: - 109,000 BTC options expired, with a put-call ratio (PCR) of 0.93, max pain at $72,000, and nominal value of $8.55 billion. - 563,000 ETH options expired, with a PCR of 0.72, max pain at $2,200, and nominal value of $13.2 billion. This week, markets extended their rebound: Bitcoin surged past $78,000, Hong Kong’s Web3 Summit buzzed with bullish sentiment, and the altcoin market heated up. Notably, this is a monthly expiration cycle, with 25% of options set to expire now. For open interest maturity breakdown, 12% of outstanding contracts expire end-May, while 24% expire end-June. Key options metrics: - Bitcoin’s front-month implied volatility (IV) has trended lower this month, with most tenors down 1–2 percentage points to below 40%. - Ethereum’s front-month IV has fallen further, currently ~60%. Despite price gains, skew has eased, and there’s no sign of FOMO (fear of missing out) in the market. Bitcoin’s Q2 performance has outpaced Q1 in both price and activity, with this month’s sustained rebound reflecting fund inflows. If macro headwinds bottom out mid-year, Bitcoin’s bottom will be confirmed.