This Friday marks a significant event for Bitcoin options, coinciding with both the end of the month and the quarter, featuring a substantial volume of expiring BTC contracts.<\/p>\n\n\n\n
On this day, March 29, the market sees a large-scale expiry of Bitcoin options, totaling approximately 135,250 contracts.<\/p>\n\n\n\n
The combined notional value of today’s expiring Bitcoin derivatives is an impressive $9.74 billion, marking the most sizable expiration event of the year, as reported by Deribit.<\/p>\n\n\n\n
Bitcoin Options Expiry Details<\/p>\n\n\n\n
The ratio of puts to calls for today’s significant expiry batch stands at 0.85, indicating a slight preference for long positions over shorts. The $65,000 and $70,000 strike prices are especially noteworthy, each holding over a billion dollars in open interest (OI), with the latter being closer to the current market price.<\/p>\n\n\n\n
The derivatives market is currently bullish, with significant OI positioned at higher strike prices, such as $75,000 and even reaching up to $100,000.<\/p>\n\n\n\n
OI represents the total value or number of contracts that remain open and unsettled.<\/p>\n\n\n\n
According to Deribit, the total value of all crypto options set to expire today was highlighted by Greeks Live, a provider of crypto derivatives analytics.<\/p>\n\n\n\n
With a substantial quarterly delivery and $15 billion in crypto options on the line, “market participants are gearing up to adjust their positions, with BTC calls being particularly prominent in this movement,” the report mentioned.<\/p>\n\n\n\n
The $70,000 strike price is notably competitive, currently holding the second-largest volume of options contracts, as per Deribit, slightly surpassing the volume at the $65,000 strike price.<\/p>\n\n\n\n
Moreover, about 1.58 million Ethereum options contracts are also set to expire today, with a notional value of roughly $5.67 billion and a put\/call ratio of 0.63, indicating a predominance of calls over puts. Significant OI is observed at the $4,000 and $3,000 strike prices, with the former commanding a greater notional value of approximately $700 million.<\/p>\n\n\n\n
Potential Impact on Crypto MarketsWhile spot markets typically remain unaffected by derivatives expiries, the magnitude of today’s event could introduce some extra volatility.<\/p>\n\n\n\n
The total market capitalization saw a 2% increase today, reaching $2.77 trillion during the morning trading session in Asia.<\/p>\n\n\n\n
Bitcoin’s price has been testing the resistance level of just over $70,000 for the majority of the past day, where it currently stands.<\/p>\n\n\n\n
Ethereum’s price has been oscillating around the $3,500 mark for the last 18 hours.<\/p>","protected":false},"excerpt":{"rendered":"
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