Bitcoin and Ethereum diverge in their monthly options expiry event

Bitcoin (BTC) and Ethereum (ETH) diverged in their trading, as reflected by the April options expiry event. BTC trades above its maximum pain level, while ETH is trading $100 under the maximum pain level. 

The April monthly options expiry is showing the disparity between BTC and ETH trading. BTC has a higher options volume expiring, with a small probability of sinking to maximum pain levels. For ETH, the maximum pain level is just above the spot price as of April 24. 

On April 25 at 08:00 UTC, a total of $8B in crypto options will expire. The options are split to $7.2B for BTC, and just 800M for ETH. The monthly bet on the two leading assets shows interest and risk-taking for ETH has slowed down significantly, while BTC is the leading asset for speculation. 

Maximum pain levels ahead of the options expiry may lead to price volatility, as whales try to push the price to the predetermined levels. For BTC, maximum pain is at $85,000, an improbable price level due to the overall bullish momentum. Ahead of Friday’s expiry, BTC held well above $92,000, with no expectations of a crash to a lower range. 

The options expiry event often leads to volatility even hours before the contracts end. A day before the expiry, BTC traded at $93,190.56, with bullish momentum and smaller probability of falling to a lower range. ETH sank to $1,766.64, showing no signs of attacking the options position of $1,900.

Ethereum options interest slows down fast

The Ethereum options market is shrinking at a faster pace compared to BTC. Traditionally, markets accrue higher open interest close to larger expiry events, such as monthly or quarterly options. 

Both BTC and ETH held higher open interest in February, starting a notable decline in March. BTC options retained open interest over $30B, of which over $26B were on Deribit. Open interest declined slightly from around $40B in early 2025. 

For Ethereum, the decline was more notable. ETH options reached volumes above $10B at the start of 2025, of which Deribit had a share of $8B. 

In just a few months, the options market shrank to $4.1B, of which around $2.6B were concentrated on Deribit. ETH saw a much bigger decline in open interest, as the asset turned more volatile, and did not show the potential for a more bullish recovery. 

Ethereum options show caution under $1,800

In the case of ETH options, put options dominate at prices under $1,800, with a rapid increase in call options above $1,900 and at $2,000. At the lower level, traders are trying to protect themselves from further price drops, while a move above $2,000 may set expectations of a bigger rally.

For ETH, maximum pain is at $1,900, a price level that can be reached easily. ETH hovered close to the $1,800 range, with relatively small potential to be moved to $1,900. Historically, the dates of significant options expiry may come with increased volatility for all involved assets. 

For both BTC and ETH, the put/call ratio was at 0.73, bouncing from more bearish levels during previous expiry events.

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