Glassnode data showed Bitcoin trading under the Short-Term Holder Cost Basis of $78,900. The asset also stayed below the True Market Mean of $78,000. That position suggests many recent Bitcoin buyers hold unrealized losses. It also places the market near a sensitive zone before major options settlement.
Support sits lower in the $65,000 to $70,000 range. As a result, traders are monitoring whether Bitcoin can hold nearby levels before deeper support zones come into focus.
About 23,000 Bitcoin options contracts worth $1.74 billion are set to expire today on Deribit. The put-call ratio stands at 1.10, showing more bearish bets than bullish ones. Bitcoin’s max pain price is $76,000. The asset traded near $77,200 at press time, keeping it slightly above the level where most options expire worthless.
Deribit flagged the settlement as one to watch. Its data showed a 95% probability that Bitcoin options expire above $76,000. Heavy volume sat at the $75,500 and $77,000 strike prices.
In the past 24 hours, Bitcoin’s trading put-call ratio rose to 0.73. At the same time, total volume declined after the Federal Reserve held interest rates unchanged.
Ethereum faced similar pressure before expiry. More than 175,000 ETH options worth $400 million expire on Deribit today, with a put-call ratio of 0.95. In the past 24 hours, ETH's volume has moved above call volume. That shift pushed the ratio to 1.17, showing traders adjusted toward possible downside.
Ethereum traded near $2,284 at the time of writing. That placed it below its max pain price of $2,325, while its 24-hour range ran from $2,232 to $2,293. Trading volume fell 45% over the past day. Meanwhile, Ethereum ETFs extended their losing streak to four days, losing nearly $184 million by Thursday.
Read More: Bitcoin Price Today at $76,500, Market Holds Below $80K
Outflows accelerated on April 29. SoSoValue data showed Ethereum ETFs recorded $87.7 million in net redemptions, the largest single-day exit since March 26. Cumulative Ethereum ETF flows stood at $11.9 billion. That figure remained below the mid-January peak of $12.9 billion.
Bitcoin ETFs also saw pressure during the same four-day period ending April 30. They lost $476 million, with outflows peaking at $263 million on April 27. Cumulative Bitcoin ETF inflows stood at $58.1 billion. At the same time, the S&P 500 hit a fresh record high of 7,271 after strong technology earnings.
Broader market risks also shaped crypto trading. U.S. PCE inflation reached a three-year high of 3.5%, prompting profit-taking across digital assets. Oil rose to $106 a barrel as the U.S. maintained a naval blockade of the Strait of Hormuz. Reports also said President Donald Trump rejected Iran’s offer to end the standoff. Together, inflation pressure and geopolitical uncertainty kept buyers cautious. As a result, crypto markets faced broad selling before today’s options settlement.
Bitcoin’s move below key holder cost levels has added caution before the $1.74 billion Deribit options expiry. Traders are watching the $76K max pain level, while Ethereum ETF outflows, inflation pressure, and geopolitical risks continue to weigh on crypto market sentiment.