Bitcoin Options Hold Strong Call Bias Amid Ethereum Shift Toward Puts

Roughly $3 billion in Bitcoin and Ethereum options expired on Deribit as the two assets told different stories heading into settlement. Bitcoin's options book remained tilted toward calls, while Ethereum's drifted toward puts, indicating a shift in market sentiment.

Bitcoin accounted for the majority of the event, with approximately $2.53 billion in notional value expiring. In contrast, Ethereum contributed around $406 million to $425 million, bringing the total to $2.9 billion to $3 billion.

The put-to-call ratio is a more revealing metric, and for Bitcoin, it sat at 0.76. A ratio below 1 indicates more call options than puts in open interest. Ethereum's put-to-call ratio hit 0.89, suggesting a leaning toward defensive positioning.

The shift toward puts in Ethereum coincided with significant demand for downside hedging following a liquidation event that drove Bitcoin prices below $70,000. Max pain levels were pegged at around $75,000 for Bitcoin and approximately $2,150 for Ethereum, acting like gravitational centers in the days surrounding expiry.