News: A total of $2.1 billion in Bitcoin and Ethereum options will expire on April 3, 2026. Approximately $1.8 billion in Bitcoin options (27,600 contracts) will expire, with a put/call ratio of 0.54-0.55. The max pain level for Bitcoin is around $68,000, aligning with its current trading range. Ethereum options expiring total around $300-322 million (157,000 contracts) with a put/call ratio of 0.73 and a max pain level of $2,075-$2,100. Global tensions, specifically potential air strikes in Iran, are currently impacting market sentiment. Approximately 11.2 million Bitcoin are in profit, while 8.2 million are at a loss. The current cycle drawdown is 52% from the October 2025 high of $126,200. Cathie Wood believes Bitcoin is unlikely to see a drawdown of 85% or more again.
AI Analysis: The options expiry is considered a routine settlement with limited potential to drive significant price movement, as spot prices are near max pain levels. Macroeconomic factors and geopolitical events currently exert a stronger influence on crypto prices.
