How Markets May React to Today’s $2B Bitcoin Options Expiry

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Around 20,600 Bitcoin options contracts will expire on Friday, Jan. 9, with a notional value of roughly $1.9 billion.

This expiry event is pretty much the same as last week’s, as derivatives trading remains slow, so there is unlikely to be any impact on spot markets.

Spot markets started the week on a high, and momentum built to a seven-week high market cap of $3.3 on Wednesday, but it failed to continue, resulting in another pullback.

Bitcoin Options Expiry
This week’s small batch of Bitcoin options contracts has a put/call ratio of 1, meaning that calls (longs) and puts (shorts) are evenly matched. Max pain is around $90,000, according to Coinglass, which is pretty close to the current spot prices, so many will be in the money on expiry.

Open interest (OI), or the value or number of Bitcoin options contracts yet to expire, remains highest at $100,000, which has $1.8 billion at this strike price on Deribit. There remains around $1.2 billion in OI at $75,000, $80,000, and $85,000 as bearish bets mount up.


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