$700M in Bitcoin Options Expires: Weekly Market Analysis
Friday is the expiration date for many Bitcoin options, and open interest is currently around $700 million. Crypto markets are moving higher during the week, but are they going to go higher at the end of the week?
About 15,100 Bitcoin options contracts expire on February 9. This week's expiration event is much smaller than last week's, but it could still affect spot market momentum.
Bitcoin options expire
According to Deribit, the value of Bitcoin options contracts that expired this Friday is $700 million. The call ratio is 0.82, meaning that slightly more calls or long contracts are being sold than puts or short contracts.
The notional price for today's expiration event is $700 million. Moreover, there is still a lot of open interest at the $50,000 strike price, with 15,447 call contracts at that level. They have a notional value of $714 million, according to Deribit.
In addition, there are now 11,600 call contracts at a strike price of $60,000, indicating that traders are becoming more bearish.
Earlier this week, Greeks watched Live:
A large block traded that could lead the next leg of the market.
A whale added,
“To see a big shock of 10% or more in February is a big but relatively rare move in whale investing if you're not sure of the direction.”
Read More: How to Trade Bitcoin Futures and Options Like a Pro
In addition to today's expiring Bitcoin options, 193,000 Ethereum contracts will expire. These have a notional value of $473 million and a call ratio of 0.39, Deribit said.
There is $450 million in open interest at the February 8 strike price of $2,400 in the spot markets.
Crypto market overview
Crypto markets ended the week with a 2.5% gain in the green, taking the total capitalization to $1.83 trillion.
Bitcoin is leading gains of 3.3 percent and the asset added $46,000 in the early morning Asian trading session on Friday. However, it encountered resistance at this level and fell to $45,969 at the time of writing.
Ethereum prices did not move on the day, with the asset at $2,444 during the Friday morning Asian session.
Altcoins are currently a mixed bag, with Cardano (ADA), Litecoin (LTC) and Immutable (IMX) generating profits. However, TRON (TRX) and Chainlink (LINK) are currently in the red.
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