Crypto market recap: BTC and ETH face pressure ahead of major options expiry
The crypto market is heading into options expiry day with a much more fragile mood than it had earlier this week. The main factor today, a major expiration of contracts on Bitcoin, Ethereum, XRP and Solana, is unfolding at the same time as renewed geopolitical tensions around Iran and fresh inflation data from Japan.
Highlights
- Over $10 billion in options on Bitcoin, Ethereum, XRP, and Solana expire today.
- Bitcoin is trading near $77,987 (−0.1% in 24 hours), Ethereum near $2,315 (−1.5% in 24 hours).
- The Fear & Greed Index stands at 39, still in the fear zone but improving slightly.
Current market performance
As of April 24, Bitcoin was trading around $77,987, showing a modest 0.4% gain over the past hour but a slight 0.1% decline over the last 24 hours. Over the past week, the leading cryptocurrency has gained 4.5%.
Ethereum was trading near $2,315, up 0.4% in the last hour but down 1.5% over the past day and 0.5% for the week.
The Crypto Fear & Greed Index rose to 39, remaining in the “Fear” zone but continuing a gradual improvement lately.
Factors weighing on the market
The strong upward trend that began in late March from around $65,000 has noticeably slowed. Analysts point to renewed geopolitical tensions related to the situation with Iran and fresh inflation data from Japan as key contributing factors.
According to CoinGape, 106,000 Bitcoin options worth $8.3 billion and more than 575,000 Ethereum options worth $1.34 billion expire on Deribit today. For Bitcoin, max pain is at $73,000, and for Ethereum it is at $2,200, meaning that in bothcases,s the levels are below current spot prices. That matters because when max pain sits below the market, trading often becomes more sensitive to hedging flows and profit-taking around expiry.
Outlook and risks
Options expiration events of this magnitude often lead to heightened volatility in the final hours of trading. Market participants are monitoring whether Bitcoin can hold key support levels or if a deeper correction will follow.
In the current environment of geopolitical risks and macroeconomic uncertainty, the market remains highly sensitive to news flow. The coming hours could prove decisive for the short-term direction of major cryptocurrencies.
In addition, we wrote Bitcoin price prediction: Will $73,700 support hold?
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