Recent high-volume options expiry for both Bitcoin and Ethereum has shaken up the crypto market, pushing prices higher despite jitters around a potential market pullback. Experts suggest that derivatives trading is reshaping risk levels, moving markets away from recent peak anxieties. Analysts attribute this shift to growing DeFi applications and increased institutional investment, according to Markus Thielen of 10x Research. The firm’s analysis reveals how term structures for both Bitcoin and Ethereum are signaling higher prices, as traders anticipate a market rally. This shift has been characterized by widening implied-realized volatility spreads, indicating greater risk appetite among investors. Shifts in sentiment are evident with the recent options expiry, leading to a more balanced outlook from fear, as indicated by key indicators like open interest and put-call ratio.