A significant $2.2 billion options expiry for Bitcoin (BTC) and Ethereum (ETH) is scheduled for today, April 10, 2026, potentially triggering notable price swings for the two leading cryptocurrencies.
"Large options expiries are known to inject volatility into the market as positions are settled," said a derivatives analyst. "We're closely watching the 'max pain' price, which could act as a magnet for both Bitcoin and Ethereum leading up to the event."
The expiry event involves a substantial notional value, with the bulk concentrated in Bitcoin and Ethereum contracts. Market makers with large open interest may actively hedge their exposure, which can lead to the price being "pinned" to the level where the greatest number of options would expire worthless for their holders—a scenario known as the "max pain" price. This effect can suppress natural price discovery in the hours leading up to settlement.
Following the expiry, the unwinding of these large hedging positions could release this artificial pressure, potentially paving the way for a strong directional move. The removal of the 'pin' often results in a breakout, though the direction remains uncertain and will likely be influenced by the prevailing market sentiment and macroeconomic factors at the time.
This article is for informational purposes only and does not constitute investment advice.
