Bitcoin Looks More Bullish Than Ethereum as $4 Billion Options Expire Today

Core Insights - Over $3.9 billion in Bitcoin and Ethereum options contracts are set to expire, with traders showing a bullish stance despite recent price declines [1] - Bitcoin's current trading price is $86,195, reflecting a 7.02% decline over the past 24 hours, with a total open interest of 39,389 BTC contracts worth $3.39 billion, heavily skewed towards calls [2][3] - Ethereum is trading at $2,822, down 6.98% in the last 24 hours, with 185,730 ETH contracts valued at $524 million, showing a preference for calls [6][7] Bitcoin Options Analysis - The put-call ratio for Bitcoin is 0.52, indicating nearly twice as many call options as puts, reflecting expectations of upside potential despite recent selloffs [3] - The max pain price for Bitcoin is $98,000, about 14% above the current trading level, suggesting that many call holders may face significant losses at expiry [4] Ethereum Options Analysis - The put-call ratio for Ethereum is 0.72, indicating less bullishness compared to Bitcoin, yet a preference for calls remains [7] - Ethereum's max pain is at $3,200, roughly 13% above its current price, suggesting many options could expire out of the money, but traders maintain a bullish outlook [8] Market Sentiment - The derivatives market structure indicates nuanced investor sentiment, with considerable call exposure maintained by traders despite sharp price drops earlier in the week [9]