Bitcoin’s market is gearing up for a significant options expiry today. This event is notable because it coincides with the end of the month.
Around 80,000 Bitcoin (BTC) option contracts are set to expire, valued at approximately $8.36 billion. Despite the large figures, there is little cause for concern as the crypto derivative market usually has a minimal impact on the spot market.
This week, there are more call options than put options, indicating a bullish sentiment among traders regarding Bitcoin. The put-to-call ratio for Bitcoin options stands at 0.68. A report from Derbit noted that after Bitcoin’s price fell below $100,000, short-term traders became bearish and opted for more put options. In contrast, long-term traders remained optimistic, purchasing call options.
In addition to Bitcoin, 600,000 Ethereum contracts are also expiring today, with a put/call ratio of 0.43 and a total value of $1.95 billion. When combined, the expiry values for Bitcoin and Ethereum reach $10.3 billion.
Looking at the broader crypto market, data from CoinMarketCap shows a neutral trend. The overall market cap has increased by 0.07%, totaling $3.56 trillion. However, Bitcoin is showing slightly bearish signs, having dropped by 1% in the last 24 hours. Currently, Bitcoin is trading at $104,156.
