bitcoinoptions

As another volatile week in crypto draws to a close, traders are turning their attention to a key event: the scheduled expiry of billions in Bitcoin and Ethereum options contracts. This comes against a grim backdrop for spot markets, which have collectively lost approximately $200 billion in value since Monday.

Roughly 21,700 Bitcoin options contracts, representing a notional value of $1.8 billion, are set to expire today. Data suggests this event is somewhat smaller than last week's expiry, reflecting a broader cooling in derivatives trading activity. The downturn has been attributed to a perfect storm of macroeconomic worries, including escalating global trade tensions, turmoil in the Japanese bond market, and stalled cryptocurrency legislation in the United States.

Breaking Down the $BTC Options Data

Analysts often look to the "put/call ratio" to gauge market sentiment heading into expiry. This week's ratio sits at 0.75, indicating that more call options (bets on the price rising) are set to expire than put options (bets on it falling). However, the key "max pain" price—the strike price at which the maximum number of options would expire worthless—is pegged at around $92,000, well above Bitcoin's current trading level.

"This means a significant portion of these contracts are poised to expire 'out of the money,' likely resulting in losses for many holders of bullish call options," one market analyst noted.

Open interest—the total value of outstanding contracts—reveals where large bets are concentrated. The $100,000 strike price holds a massive $2 billion in open interest on Deribit alone. Further bearish positioning is evident at the $85,000 and $90,000 levels, which together hold about $1.1 billion in open interest. Overall, the total open interest for Bitcoin options across all exchanges has swelled to $36 billion since January.

Ethereum in the Mix and Analyst Outlook

Today's expiry isn't just a #Bitcoin story. Approximately 118,000 Ethereum contracts, worth about $346 million, are also maturing. Ethereum's max pain point is near $3,250, with a put/call ratio of 0.86. Total open interest for $ETH options stands near $8 billion.

The question on every trader's mind is whether this sizable expiry will trigger heightened volatility. Derivatives exchange Deribit commented on the setup, stating plainly:

“Expiry positioning is tightly clustered around key strikes, keeping spot sensitive into the cut. Geopolitics and trade policy uncertainty remain the macro backdrop, supporting hedging demand and keeping volume reactive.”

This suggests that with so much value tied to specific price levels, the market may be more susceptible to swings as these contracts close. Ultimately, while options expiries don't directly move the market, they can exacerbate existing volatility as traders unwind or hedge their positions. With macroeconomic headwinds already blowing hard, today's expiry could be the catalyst that determines whether the week ends with a whimper or a final, dramatic swing.
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$ETH $BTC
Dnes vyprší platnost opcí na bitcoiny (BTC) a Ethereum (ETH) v hodnotě 3 miliardy dolarů, což na trhu s kryptoměnami vytváří značné očekávání. Tato významná událost se shoduje s týdnem inaugurace zvoleného prezidenta Donalda Trumpa a přidává další vrstvu vzrušení k dynamice trhu. Bitcoin se již dostává do titulků, když znovu získal hranici 100 000 USD, což podněcuje optimismus v kryptoprostoru.
Podrobnosti o vypršení platnosti opcí bitcoinů a etherea
Podle údajů z Deribitu má dnes vypršet celkem 21 664 bitcoinových kontraktů v nominální hodnotě kolem 2,2 miliardy dolarů. Poměr put-to-call bitcoinu je 0,94, přičemž maximální bod bolesti – cenová hladina, při které většina kontraktů vyprší bezcenných – se odhaduje na 96 000 USD. Kromě toho má také vypršet platnost 182 454 opčních kontraktů Ethereum v hodnotě přibližně 612,2 milionů USD. Poměr put-to-call Etherea je 0,36 s maximální úrovní bolesti 3 250 $. Poměry bitcoinů a Etherea nižší než 1 put-to-call naznačují býčí sentiment na trhu, protože více obchodníků sází na zvýšení cen.