Roughly $2.1 billion in Bitcoin and Ethereum options contracts expire today amid a flat crypto market. Analysts note a higher proportion of bullish Bitcoin bets expiring, while put options remain more expensive, indicating continued downside risk concerns. Spot markets have retreated slightly, with observers noting supply dynamics reminiscent of a bear market.
Around 27,600 Bitcoin options contracts expire today with a notional value of roughly $1.8 billion. This event is considered smaller than usual, so it is unlikely to impact spot markets directly.
The batch has a put/call ratio of 0.54, meaning far more long contracts than short contracts are expiring. Max pain is near $68,000, close to current spot prices, so many could be in the money.
Open interest remains highest at the $60,000 strike price on Deribit, with $1.5 billion in bearish bets. Total Bitcoin options open interest across all exchanges is currently $31 billion.
Bitcoin put options are more expensive than those on Ethereum, noted Deribit this week. This suggests traders are more worried about Bitcoin’s downside risk.
Additionally, around 157,000 Ethereum contracts expire with a notional value of $322 million. This brings the total crypto options expiry value to roughly $2.1 billion.
Total market capitalization was flat at $2.37 trillion during Friday morning trading in Asia. Markets eyed recovery until geopolitical tensions reportedly rattled investors.
Bitcoin reached $67,000 in late Thursday trading but fell back to $66,600. “The level of supply in profit and in loss is now reaching levels typical of a true bear market,” observed CryptoQuant analyst ‘Darkfost.’
Ether prices weakened to around $2,050 on Friday. Analyst ‘Daan Crypto Trades’ stated Bitcoin has not yet retested its previous low of $60,000 during recent conflicts.
