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Bitcoin Faces $8B Options Expiry Amid Macro Uncertainty

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Bitcoin approaches a significant options expiration on April 24, with Deribit data showing approximately $8.07 billion in notional open interest. While the call-to-put ratio of 56,300 calls versus 49,540 puts suggests underlying bullish positioning, this event coincides with heightened macroeconomic uncertainty. Geopolitical tensions, oil price volatility, and Federal Reserve policy decisions threaten to amplify market turbulence.

Analysts note that such large expirations can act as volatility catalysts, particularly when aligned with external risk factors. The current environment may test Bitcoin's recent resilience, potentially triggering a volatility reset. Market participants should monitor price action around key strike concentrations and prepare for potential liquidity shifts as positions roll off.

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