Bitcoin Options Worth $640 Million Set To Expire Amid Market Turbulence

In a recent revelation, the prominent cryptocurrency firm Greeks.live shared their insights on the X platform, highlighting 24,000 Bitcoin options contracts valued at nearly $640 million, poised on the edge of expiration. The remarkable surge in options expiry for the current week sets this impending event apart, surpassing the prior week’s figures by an astounding 50%. Upon the conclusion of these 24,000 BTC options, as they expire, a Put-Call Ratio of 1.23 will emerge, along with a pinnacle pain point of $27,000.

Besides Bitcoin, roughly 190,000 Ethereum options are edging closer to expiration. These contracts showcase a Put-Call Ratio of 0.71, the highest pain threshold of $1,600, and carry a notional value of $290 million. Of special note, the put/call ratio of 0.71 in Ethereum contracts indicates a prevalence of calls sold, indicating a prevailing bearish sentiment surrounding ETH.

Bitcoin is trading at $26,772.67, with a 24-hour trading volume of $10,376,595,399. This marks a 0.21% price increase in the last 24 hours and a 3.10% decline over the past 7 days.

Bitcoin’s Resilience Amidst Market Turmoil

Despite the broader market challenges, Bitcoin continues to assert its dominance. This week, BTC options positions have surged by nearly 70%. Remarkably, 60% of these positions are BTC Put options, an unusual occurrence. Meanwhile, Ethereum struggles to gain traction.

A noted cryptocurrency platform, Greeks Live, reported that

“IVs across all major terms remain at all-time lows with no sign of a rebound, and with liquidity continuing to deteriorate of late, the big one looks to be getting closer.”

In June, approximately 150,000 BTC options contracts, valued at around $4.5 billion, and 1.2 million ether contracts, worth $2.3 billion, expired on the major cryptocurrency options exchange, Deribit. During that period, the most valuable cryptocurrency traded within a narrow price range and recorded only a 1% gain, reaching $30,700. Investors are now keenly observing whether history will repeat itself as these options contracts once again approach their expiry date.

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