March 29th is the quarter-end Bitcoin options expiration event, and it's a big one. Approximately 135,250 of his BTC options contracts are currently expiring.
According to Deribit, the notional value of large Bitcoin derivatives today was $9.74 billion, making it the largest expiration event so far this year.
Bitcoin options expiration date
The put/call ratio for the giant tranche today is 0.85, meaning there are slightly more longs sold than shorts. There is more than $1 billion in open interest (OI) at strike prices of $65,000 and $70,000, the latter close to the current spot price.
Bulls appear to be in control of the derivatives market, holding nearly $1 billion in OI at much higher strike prices, such as $75,000 and $100,000.
OI refers to the number or amount of contracts that are still open and not yet settled.
Cryptocurrency derivatives tools provider GreekLive reported the total value of crypto options in today’s expiry event.
With massive quarterly deliveries and $15 billion in crypto options pending, market participants are increasingly moving positions, and BTC calls continue to be the absolute mainstay of this movement. ” the paper said.
Also I got it. He said the $70,000 strike price is “very hotly debated” and that he currently holds the second-largest option contract on the call. Deribit reports that this is slightly more than his $65,000 strike price for the call.
In addition to the large number of Bitcoin contracts, approximately 1.58 million Ethereum options contracts will also expire on March 29th. Their notional value is approximately $5.67 billion and the put/call ratio is 0.63, meaning there are more calls than puts expiring today.
The $4,000 and $3,000 strike prices have a lot of OI, with the former having a larger notional value of about $700 million.
Impact on the virtual currency market
Spot markets are typically unaffected by derivative expiration dates, but today's event is a large-scale event and could lead to even more volatility.
The total rose 2% on the day, reaching $2.77 trillion during Friday morning Asian trading hours.
Bitcoin has been hovering above the $70,000 resistance level for most of the past 24 hours and remains there.
Ethereum price is trading around $3,500 and has remained there for the past 18 hours.
