As the expiration date nears for a large number of Bitcoin (BTC) and Ethereum (ETH) options contracts, valued at $6.2 billion and $3.1 billion respectively, the cryptocurrency market prepares for possible volatility. Traders are keeping a close eye on market trends as 96,000 BTC options and 990,000 ETH options are set to expire.

Current data shows a Put Call Ratio of 0.68 for BTC and 0.51 for ETH, indicating the prevailing sentiment towards these digital assets. The Maxpain point for BTC is $61,000 and for ETH it's $3,100, representing the price levels where the least amount of options contracts would expire worthless.

Despite some fluctuations, Bitcoin is currently priced at $64,126.48, with a modest 0.47% increase. However, trading volume has decreased by 9%, suggesting lower market activity. BlackRock's Bitcoin ETF has seen two days of zero inflows, with total outflows reaching $338.2 million.

Market analysts have differing opinions on the potential impact of upcoming events, such as the Hong Kong ETF debut and institutional demand. While some expect increased interest, others like analyst Kamikaze Fiat highlight the significant inflows needed to drive major price changes.

As of April 24th, Q2 ETF inflows stood at $170 million, with the market eagerly awaiting further developments in light of ongoing uncertainty and changing investor sentiment.