Before Bitcoin options expire, a big whale flips short: 2,000 put contracts with a $66k bet face the risk of breaking down

Gate News update: Ahead of the concentrated expiration of Bitcoin and Ethereum options worth over $2.1 billion on April 3, 2026, the market saw key fluctuations. A massive whale completed a long-to-short reversal in a short period of time: first, it opened a long position around $66,6<0>00 and closed above $68,000 for profit, then quickly switched to buying more than 2000 Bitcoin put options, betting that the price would break below $66,600.

On-chain and derivatives data show that this move was captured by a Greeks.live analyst, indicating that large capital is taking a cautious stance toward the current price range. The current Bitcoin price is around $66,575, while the option maximum pain level is near $68,000. With the spot price below that level, it increases the likelihood of bearish strategies realizing profits. If the price cannot rebound before settlement, the related put positions will benefit significantly.

Structurally, the notional size of this Bitcoin options market is about $1.84 billion. Call options remain dominant, but put options are clustered near key strike prices, creating short-term downward pressure. At the same time, Ethereum options have a notional size of about $320 million, and its put/call ratio is 0.72, indicating stronger hedging demand and that the market is more sensitive to downside risks for Ethereum.

Notably, ahead of options settlement, markets are typically accompanied by intense gamma hedging activity, which makes price more prone to move toward key zones. The current market divergence is concentrated in the $66,000 and $68,000 ranges: if bulls strengthen buying pressure, Bitcoin could rebound and test overhead resistance; if bears take the lead, the probability of breaking below key support increases.

The whale’s rapid back-and-forth operation is seen as an important signal, reflecting a reassessment of the near-term outlook by professional capital. Against the backdrop of macro uncertainty and tightening liquidity, the derivatives market is becoming an important window for judging the trend.