Nearly $10 Billion April Options Expiry Puts Bitcoin and Ethereum Direction in Focus
24 Apr 2026 · 08:43 UTC · Crypto Adventure RSS Feed · Original source
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Summary
Bitcoin and Ethereum will see approximately $9.87 billion in options contracts expire on April 24, 2026 at 08:00 UTC on Deribit exchange. The expiry includes 109,000 BTC contracts valued at $8.55 billion and 563,000 ETH contracts worth $1.32 billion, marking April's largest monthly settlement. Both assets are currently trading above their respective max pain levels, which influences expected price volatility at the exact settlement moment.
Why it matters
Options expiry creates temporary volatility through settlement mechanics and position unwinding. The max pain concept identifies strike levels where largest losses occur; trading above these levels reduces typical downward pressure. The $8.55B in BTC notional and $1.32B in ETH notional represent significant settlement flows that guarantee some market impact. Friday timing and UTC morning hours may affect liquidity and participation. Key assumptions: (1) price levels hold near current expiry, (2) no coinciding major news, (3) normal liquidation dynamics. Uncertainties: whale positioning intent, broader market long/short imbalance, macro headwinds that could mask or amplify expiry effects, and whether liquidation cascades trigger secondary volatility spikes.
Expected impact
The $9.87 billion options expiry will likely generate notable volatility at the exact settlement time (08:00 UTC on April 24). With both BTC and ETH trading above their max pain levels, downward pinning pressure is limited. The most pronounced price swings should occur in the 30-60 minutes surrounding expiry as positions unwind and market makers adjust hedges. Immediate impact window (minutes to hours) carries highest volatility risk. ETH may exhibit greater volatility than BTC due to higher leverage ratios in derivatives markets. Post-expiry, volatility should normalize through the trading day. Longer-term direction depends on broader market sentiment and macroeconomic factors rather than this single derivatives event.