Friday’s option cut-off, with the tag written “$14 billion expiration” — I just checked the public order book: for the September 25 expiry, the open interest is roughly equivalent to 184,000 BTC, and at the current price that comes to about $16 billion—quite a bit more than the $14 billion mentioned in the headline.
Many people treat the end-of-quarter expiry as a “free” market calendar day. I see it differently: expiry itself doesn’t give direction; it just makes leveraged positions more likely to get shaken around before and after settlement. Calls are around 109,000 and puts about 75,000—so it’s not one-sided.
What I’d do: spot positions are treated as noise; for any leveraged positions, around 4:00 p.m. on Friday (East 8 time) before settlement, reduce exposure first—don’t add aggressively during the expiry window. Then after settlement, decide whether to make a move.
#140亿美元比特币期权周五到期
Many people treat the end-of-quarter expiry as a “free” market calendar day. I see it differently: expiry itself doesn’t give direction; it just makes leveraged positions more likely to get shaken around before and after settlement. Calls are around 109,000 and puts about 75,000—so it’s not one-sided.
What I’d do: spot positions are treated as noise; for any leveraged positions, around 4:00 p.m. on Friday (East 8 time) before settlement, reduce exposure first—don’t add aggressively during the expiry window. Then after settlement, decide whether to make a move.
#140亿美元比特币期权周五到期