On a Friday morning in mid-April, roughly two billion dollars of crypto options reached their expiry, and the largest share rested on Bitcoin, as if the market were pausing at a threshold before stepping across. Hopes that the United States and Iran might soon end their war had lifted prices and eased oil, yet traders were quietly hedging with puts, weighing peace against the fragility of a stock market at its peak. It is the familiar human pattern of hope tempered by memory, with every price level now a small question about whether optimism can hold.
Bitcoin, ETH, XRP, Solana Max Pain Levels in Focus as $2B Crypto Options Expire Amid Iran Peace Hopes
Traders flipped from call-heavy to puts leading
On a Friday morning in mid-April, roughly two billion dollars of crypto options reached their expiry, and the largest share rested on Bitcoin, as if the market were pausing at a threshold before stepping across. Hopes that the United States and Iran might soon end their war had lifted prices and eased oil, yet traders were quietly hedging with puts, weighing peace against the fragility of a stock market at its peak. It is the familiar human pattern of hope tempered by memory, with every price level now a small question about whether optimism can hold.
On the morning of Friday, April 17, about $2 billion in crypto options were due to expire, and Bitcoin held most of it. Deribit data showed nearly 22,000 Bitcoin options, worth about $1.65 billion, set to settle. Bitcoin, Ether, XRP and Solana had all slipped ahead of the deadline, even after a week of improving sentiment and strong spot ETF inflows.
The mood was shaped by geopolitics. President Trump said he was confident the United States and Iran could soon reach a deal to end the war, and a ten-day ceasefire between Israel and Lebanon added to that hope. Falling oil prices and the prospect of peace had pushed Bitcoin higher, and crypto liquidations reached nearly $450 million, split roughly evenly between longs and shorts.
Bitcoin's options told a cautious story. Its put-call ratio of 1.06 leaned slightly bearish, and max pain sat at $72,000, below the market price. Traders had shifted from calls toward puts, though the data still showed a 97.79% chance of expiry above $74,000. Analyst Ted Pillows pointed to sideways hourly action, weakening spot demand, and a Coinbase premium that was nearly negative, and he warned that a small wobble in the S&P 500, which had just hit a record, could drag Bitcoin down.
Ether's expiry, with over 196,000 options worth $458 million, reflected hesitation. Its neutral put-call ratio of 0.96 and max pain of $2,250 pointed to mixed sentiment, and traders were waiting as the CLARITY Act missed its April timeline. XRP and Solana were smaller stories: XRP traded near $1.43 with whale accumulation drawing eyes toward $1.45, while Solana, the most bearish of the group, rose 3% on rising interest tied to peace hopes.
The question now is whether US stocks keep their highs and whether progress toward a US-Iran deal can keep crypto's momentum alive.
On the morning of Friday, April 17, roughly $2 billion in crypto options were set to expire, and the biggest slice belonged to Bitcoin. According to Deribit, the derivatives exchange, almost 22,000 Bitcoin options with a notional value of $1.65 billion were due to settle. Bitcoin, Ether, XRP and Solana were all seeing pullbacks ahead of the deadline, even after a week in which sentiment had improved noticeably and spot ETF inflows were strong.
The backdrop was geopolitical. Reuters reported on April 17 that President Trump had expressed confidence the United States and Iran could soon reach an agreement to end the Iran war. A 10-day ceasefire between Israel and Lebanon had added to that confidence, and Trump was said to be willing to travel to Pakistan to seal a deal. Hopes of peace, along with falling oil prices, had pushed Bitcoin higher. Crypto liquidations climbed to almost $450 million, split about evenly between shorts and longs.
On Bitcoin, the options data pointed in a cautious direction. The put-call ratio stood at 1.06, which is slightly bearish. The max pain price, the level at which the most option buyers would lose money, was $72,000, below the market price. Deribit said positioning had changed since last week, with traders flipping from call-heavy to put-led. Even so, the data showed a 97.79% probability that Bitcoin options would expire above $74,000. Traders were also adjusting positions with next week's monthly expiry in mind.
Analyst Ted Pillows saw reasons for caution. He noted that Bitcoin was moving sideways on the hourly chart while spot demand was trending down, and that the Coinbase Bitcoin premium index was close to turning negative, which he read as a possible sign of reversal. He also pointed to the US stock market, where the S&P 500 had just hit an all-time high and could be vulnerable to profit-taking. In his view, even slight weakness in stocks would accelerate a Bitcoin downtrend.
Ether's expiry was smaller but still large: more than 196,000 ETH options worth $458 million on Deribit, with a put-call ratio of 0.96, a neutral reading that suggests mixed sentiment. Max pain was $2,250, below the $2,326 price at the time of writing, and there was a 91% chance of ETH options expiring above the $2,325 strike. Traders were hesitating as the CLARITY Act missed its April timeline. Deribit said ETH open interest grew week over week despite the broader market move, and that the 24-hour put-call ratio was 0.97.
XRP and Solana were far smaller markets. XRP options worth $3.75 million were expiring with a put-call ratio of 1.11 and a max pain price of $1.38, though options traders were looking toward $1.45, citing whale accumulation and large spot ETF inflows. XRP traded about 2% higher at $1.43, within a range of $1.40 to $1.46, and volume rose 30% over 24 hours.
Solana had $16.69 million in options expiring, with a put-call ratio of 2.12, the most bearish of the group. Max pain was $84, under the $87.91 market price. The token was up 3% over 24 hours, trading between $84.20 and $90.38, with volume up 41%, which the report tied to rising interest amid peace hopes.
The thing to watch is whether US stocks hold their highs and whether progress toward a US-Iran deal continues to support the bid in crypto.
Bemerkenswerte Zitate
ETH OI grew week-on-week despite the broader market move.— Deribit
Bitcoin's downtrend will accelerate if stocks show even slight weakness.— Analyst Ted Pillows (paraphrased)
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