This week, a big moment is happening in the crypto world. Nearly 96,000 Bitcoin options and 990,000 Ethereum options are expiring. These options are worth about $6.2 billion for Bitcoin and $3.1 billion for Ethereum. For Bitcoin options, there are more bets on the price going down than up, and the most likely price point is $61,000. For Ethereum options, it's similar, with more bets on the price falling, and the most likely price point is $3,100.

The crypto market has been quieter lately, with Bitcoin and Ethereum prices staying low. This quiet time has caused the expected volatility in the market to drop. This drop in volatility has been happening since the Bitcoin halving event. The halving event didn't make the market as wild as some people thought it would. Instead, more people have been selling options, adding to the calm.

Effects of the BTC Halving

After the BTC halving event, things haven't been as exciting as usual. The implied volatility of Bitcoin dropped from 75% to 65%, the lowest it's been since March. This drop happened because the market wasn't moving much, and people were waiting to see what would happen. This made them less willing to take risks and bet on big price swings.

The mood in the market isn't great right now. Some big investors are pulling their money out of crypto Exchange Traded Funds (ETFs). Others are being careful with their money because of past market crashes. Looking back at past years, Bitcoin tends to get weaker in April. Because of this, some traders think it's a good idea to sell options for May. But overall, it's tough for Bitcoin to reach its highest prices again, making people less hopeful about the market.

In summary, the crypto options market is facing a big moment as many options are expiring, while the market itself is pretty quiet. The Bitcoin halving event didn't make things as wild as people thought, and some big investors are being cautious. This is making it hard for Bitcoin to reach its previous highs, adding to the uncertainty in the market.