๐ฅ Today on Deribit, options worth $2.15 billion for BTC and ETH are expiring!
(April 3, 2026, 08:00 UTC)
This is not a minor event โ nearly 40% of the total open interest in options on the main crypto platform. For comparison: in March there was a mega-expiration of $14 billion, after which BTC fell. Today the volume is smaller, but still significant, especially against the backdrop of low liquidity during the holiday.
What is happening right now:
- BTC options - the main part of the volume (~$2 billion+).
- ETH options - around $150โ200 million.
Maximum pain (max pain) for BTC is around $66,000 โ $67,000. As long as the price fluctuates around there, the market may "pin" the price to this level until expiration (pinning effect).
The most interesting thing is the whale's actions:
Yesterday, a large trader first closed a profitable bullish position (bought at $66k, sold above $68k). And at night, he reversed and loaded more than 2000 put contracts on BTC below $66k.
This is not a hedge, but a clear bearish bet. Analysts from Greeks.live and several traders have noted: such volume from one player can add serious pressure to the price in the coming hours.18
What does this mean for the price?
1. Until 08:00 UTC - a "pinning" to max pain is possible. Volatility usually decreases, traders close positions.
2. After expiration - gamma unloading. If the price goes below $66k, a cascading closure of puts may begin and accelerate downwards (to $65k or below). If it bounces up - a quick squeeze.
3. The overall market sentiment is cautious now: put/call skew is still bearish, Fear & Greed is in the Extreme Fear zone.
Key levels we are watching:
- $66,000 - psychological and options barrier.
- $65,000 - if we break through, the whale will be in profit and may increase pressure.
- $68,000+ - a breakthrough is needed for a bullish scenario.
The market is currently in a "wait and see" mode. Weekend + low liquidity = any large orders can give a strong impulse. After expiration, real movement often begins (gamma unwind).
Those in the know - write in the comments what you think: did the whale guess right or is it just noise before the weekend? ๐