$10.5B Bitcoin Options Expiry May Reset Market Expectations

A monthly Bitcoin options expiry totaling $10.5 billion is set for Friday, with current market positioning favoring put (sell) options over call (buy) options. Bitcoin's recent surge to $62,500 is insufficient, as the price remains 21% lower than a month ago. Deribit holds the majority of the open interest, and analysis suggests that 88% of its call options will expire worthless if BTC stays below $70,000. While some extreme put targets exist, put options above $72,000 are substantial enough to offset existing calls. The outcome is heavily influenced by tech sentiment, evidenced by Bitcoin's 90% correlation with the Nasdaq 100 Index. For bulls to gain the advantage in this expiry, Bitcoin needs a significant 9% rally from its current level of $68,800; otherwise, put instruments are projected to net gains across several price ranges.

(Source：Cointelegraph)