At 4 p.m., settlement was done.

$2.65 billion in BTC options
Settled on Deribit at 16:00
Max pain: 79,000
Spot price: around 76,100
A full three grand apart

What does that mean?
Those calls at 82,000 and 85,000
Went straight to zero
The puts from 74,000 to 78,000
At least paid out a little
The market never moved toward max pain
That 75,000 level
From this morning until now
Just refused to break

Same story with ETH
$224 million settled
Max pain: 2,350
Spot price: around 2,230
2,200 is still holding

Settlement is over
And the protection has expired too
With five and a half hours to go before nonfarm payrolls at 9:30 tonight
We’re out here without an umbrella

I covered the data in this afternoon’s post
Expected job gains: 65,000
Unemployment rate: 4.2%
Hourly wages: 0.3%
If the numbers meet expectations
I reckon we’ll just chop around and wait
If they really surprise to the downside or upside
There’s no cover either way

I’m sitting this one out tonight
If 75,000 breaks, then I’ll look at 73,163
No talk of recovery until we reclaim 79,280
Before 9:30, $BTC will probably just keep grinding along like this
I’ll post again after the data comes out
Personal analysis, not investment advice

#OptionsSettlement