Institutions Are Tensed in Bitcoin and Ethereum: 2.5 Billion Data Explains This! - Coin Bulletin

According to Greeks.live data, a total of over $2.5 billion in BTC and ETH options expired on April 11. As fear in the markets increases, investors maintain a cautious stance.

A busy day was experienced in the cryptocurrency derivatives markets. According to data shared by Greeks.live, on April 11, 28,000 BTC options reached their expiry. The total value of these positions amounted to 2.26 billion dollars, while the put/call ratio is 0.88, and the maximum pain point (max pain) was determined to be 81,500 dollars.

On the same day, the expiration of 184,000 ETH options also occurred. The put/call ratio is 0.92, while the maximum pain point is 1,700 dollars, and the total value of these positions was at the 280 million dollars level.

The uncertainty in tariffs has strained the market.

Behind the pressure in the markets are President Trump's sudden changes in decisions regarding customs tariffs. Greeks.live emphasizes that investors are acting more cautiously and in a "panic atmosphere" in the face of this uncertainty. In the current outlook, new capital inflows are weak, investor interest is low, and June expirations are prominent in option structures.

Opportunities are arising as volatility decreases.

On the BTC side, while the implied volatility has dropped to 50%, on the ETH side, volatility is hovering around 80% in the short to medium term. This situation makes short-term option sales on ETH attractive.

On the other hand, as investor sentiment weakens, the likelihood of a sudden drop scenario, that is, a "black swan" event, is also increasing. Greeks.live, therefore, states that buying deep put options could be a good hedging strategy.