Crypto Market Braces for Volatility Ahead of BTC & ETH Options Expiry, Key Jobs Data

The crypto market is bracing for huge volatility amid Bitcoin (BTC) and Ethereum (ETH) options expiry on Friday. Traders expect price action to remain choppy as crypto options expiry coincides with today’s key Nonfarm payrolls jobs report and unemployment rate data.

Escalating the US-Israeli conflict against Iran is increasing uncertainty in global markets and risking a crypto market crash. In addition, skyrocketing oil prices, Treasury yields, and the US dollar are contributing to heightened selling pressure on Bitcoin.

$2.1 Billion in BTC and ETH Options Expiry

More than 27K BTC options with a notional value of $1.84 billion are set to expire on the largest derivatives crypto exchange Deribit on April 3. The put-call ratio is 0.54, indicating a bullish sentiment as Bitcoin price holds at $66K after Trump’s speech on the Iran war.

In the last 24 hours, call volume is still higher than put volume. The put-call ratio is 0.92, indicating traders are turning cautious. Deribit data shows high volume for $64,000 April 10 and $61,000 April 24 strike prices.

Moreover, the max pain price is at $68,000, higher than the current market price of $66,710. However, traders expect BTC price to move sideways in the coming days. Notably, there is a high probability of expiring above the $66,500 strike price today.

GreeksLive revealed that Bitcoin’s main-expiry implied volume has dropped below 51%.”Crypto Market conditions remain weak, even small rebounds quickly retreat back to $66,000.”

Meanwhile, 155K ETH options with a notional value of almost $321 million are set to expire today, with a put-call ratio of 0.73. Traders are opening $2150, $2100, and even $2250 call options, expecting upside momentum in April amid CLARITY Act markup hopes.

The max pain point is at $2,075, above the current market price of $2,062. Moreover, data shows there is a 66% probability of expiring above $2050, with sideways price action in the coming days.

The call volume rose significantly in the last 24 hours. The put-call ratio is 0.76, indicating bullish sentiment among options traders currently.

“Ethereum’s main-expiry implied volume has also dropped below 70%,” GreeksLive added. Rebuilding confidence may require time and capital support, as the broader crypto market remains under selling pressure.

Crypto Market Faces Key US Nonfarm Payrolls Jobs Data Today

Crypto market traders are bracing for massive volatility due to key jobs data today. The US Bureau of Labor Statistics will release March’s Nonfarm Payrolls and unemployment rate.

The Bureau of Labor Statistics’ closely watched jobs report on Friday is likely to show nonfarm payrolls ​increased by 60,000 jobs last month. Notably, payrolls dropped by 92,000 jobs in February, the sixth decline since January 2025 and the second-largest.

The unemployment rate is expected to remain unchanged at ​4.4%, but some economists believe it could rise to 4.5%. More signals of a strong labor market will increase the risks of a crypto market crash, despite Jerome Powell signaling Fed rate cuts still possible.

Glassnode data shows BTC price under selling pressure as sharks and whales are now realizing losses. The 7D-SMA of realized loss is now more than $200 million per day. This indicates typical capitulation behavior from larger entities, risking a deeper crypto market crash.

Crypto market expert BIT (formerly Matrixport) said “Bitcoin is approaching a critical inflection point. After months of declines, the market is now testing a support level that has already failed twice during this bear cycle.”

While April is often seen as a strong month, BIT claims historical data suggests different dynamics of weakness first and a potential rebound later in the month. “With macro pressures building, liquidity fading, and key policy events ahead, the setup is shifting rapidly,” the firm added.