The crypto market is bracing for a significant event as $2.5 billion worth of Bitcoin and Ethereum options are set to expire today, leading to increased market volatility. Bitcoin and Ethereum prices have rebounded slightly but remain under selling pressure due to low upside momentum and macro headwinds.

Traders Expect Selling Sentiment to Prevail in the Crypto Market

According to Greekslive, sell contracts have been the most dominant trade of the month, with halving expectations appearing to be overdrawn. The recent slowdown in ETF inflows and the lack of new hot spots in the market have led to a more subdued sentiment among traders. Experts expect selling to be the better option in the medium-term, while the short-term remains worth it due to the sentiment surrounding the Bitcoin halving.

Bitcoin and Ethereum Options: Selling Pressure Remains

Over 21,162 BTC options of notional value $1.51 billion are set to expire, with a put-call ratio of 0.62. The max pain point for Bitcoin is $69,000, indicating that the price remains under selling pressure. Implied volatility (IV) has witnessed significant declines across all major terms, indicating that volatile price movements could see BTC price tumble below $70,000.

Similarly, 227,785 ETH options of notional value of almost $0.81 billion are set to expire, with a put-call ratio of 0.49. The max pain point for Ethereum is $3,425, which is lower than the current price of $3,535. This indicates that traders still have opportunities to trade the price lower.

BTC and ETH Futures Trading: Volatility and Low Interest

BTC price currently trades at $70,888, up just 0.50% in the last 24 hours. Trading volumes have declined by over 22% in the last 24 hours, indicating a lack of interest among traders. Total BTC Futures Open Interest has increased by 2% in the last 4 hours but shows volatility in the last hour. CME BTC futures OI fell 1% in the last hour.

ETH price is trading at $3,539, dropping 0.80% in the last 24 hours. Trading volume has declined by over 16% in the last 24 hours, indicating a lack of interest among traders. Total ETH Futures Open Interest fell 2% in the last 24 hours but rose 1% in the last 4 hours. The futures trading activity remains volatile ahead of options expiry.