Friday is the maturity date for bitcoin options, and as the spot price has surpassed the $60,000 mark, a significant portion of the options are due to be redeemed today.
About 21,800 #bitcoin option contracts will be redeemed on Friday, April 19.
The notional value of these derivatives is about $1.33 billion, down slightly from last week.
In addition, the cryptocurrency market has been falling hard all week and bitcoin could lose the psychological price level of $60,000 USD.
Today's batch of #BTC contracts has a put/call ratio of 0.63, with almost twice as many call (long) contracts expiring as put (short) contracts.
According to Deribit, the derivatives market continues to be bullish, with the highest open interest seen at the $80,000 strike price. Long contract volume at this level is $881 million, with more than $700 million in the US$70,000 and US$75,000 strike prices.
The total OI volume is $453 million at the maximum pain point and the current spot price of $60,000, which is close to the current spot price.
Cryptocurrency derivatives tool provider Greeks Live noted that implied volatility of large term options has declined significantly despite the "extreme panic gripping the market" this week, with BTC losing $60,000 and #BTC losing $BTC Implied volatility (IV) is the future volatility of the market for expiring futures contracts.
The bulls still need bitcoin to lead this month," he added.
In addition to today's bitcoin options expiration, 297,000 #ethereum options contracts are set to expire. With a face value of $960 million and a put/call ratio of 0.42, longs far outnumber shorts.
According to Greeks Live, "the long side of Ethereum is more fragile and has limited market impact.
Total capitalization was unchanged at $2.37 trillion for the day, but the market began to turn south again in the Asian trading session Friday morning.
Bitcoin is still correcting and fell to $60,000 where it found support again and bounced back to $ 62,000 within an hour.
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