Gate News message, April 23 — Bitcoin and Ethereum options with a combined notional value of $98.7 billion are set to expire this month. According to on-chain data, 109,000 BTC options will expire with a put-call ratio of 0.93 and a maximum pain point of $72,000, representing a notional value of $85.5 billion. Separately, 563,000 ETH options will expire with a put-call ratio of 0.72 and a maximum pain point of $2,200, valued at $13.2 billion.
This monthly expiration represents 25% of outstanding options. Open interest distribution shows 12% of contracts expiring in late May and 24% expiring in late June. Implied volatility (IV) for Bitcoin has continued declining this month, with most tenors down 1-2% and now trading below 40%. Ethereum’s IV has fallen more significantly and is currently around 60%.
Market momentum remains steady as Bitcoin surged above $78,000 this week. The Skew indicator has eased, suggesting the market lacks FOMO sentiment despite the price rally. Recent data indicates sustained capital inflows into the market.
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