Will $6.6 Billion Bitcoin Options Expiration Today Send Markets Down?
Today, Friday, about 107,000 Bitcoin options contracts, with a notional value of $6.6 billion, expire.
This event is much larger than the usual weekend expiration, which may lead to some volatility in the market.
The huge segment of Bitcoin derivatives today includes a call/sell ratio of 0.5, which means that the number of buy (call) contracts expiring is twice the number of sell (sell) contracts.
The maximum pain point, or the price at which the largest losses will occur, is $57,000, which is about $4,000 lower than current spot prices.
Bitcoin options market bulls remain in control with more than $340 million of open interest with strike prices of $70,000, $75,000, and $80,000.
In addition, total open interest reaches $590 million at a strike price of $90,000 and $770 million at a strike price of $100,000, according to Deribit.
In addition to a wide range of Bitcoin options, about 1 million Ethereum options expire today.
The put/call ratio is 0.59, the maximum pain point is $3,100, and the notional value is $3.6 billion.
This has taken the total notional value of cryptocurrency options expiration to over $10 billion.
Currently, it can be said that the total market value has recovered slightly from its decline earlier this week, and is currently approaching the level of $2.4 trillion.
However, sentiment remains bearish, and markets have been in a downtrend throughout June.
Bitcoin rose to $62,000 today, June 28, but has fallen to $61,500 at the time of writing.
The asset appears to be consolidating at this level after falling below $60,000 on June 24.
Ethereum prices recovered from a five-week low of $3,260 on Monday, bringing the price back to the $3,450 level at the time of writing this article.
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