$2.2B Crypto Options Expire Today—Market Reaction Ahead?

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The first Friday of the new year has arrived, and more Bitcoin and Ether options are expiring as spot market momentum remains muted.

Around 21,000 Bitcoin options contracts will expire on Friday, Jan. 2, and they have a notional value of roughly $1.85 billion.

This expiry event is much smaller than average due to muted trading over the holiday period and the huge one last Friday. Trading has been subdued over the New Year holiday as expected, with volume and volatility low, and spot markets mostly sideways as we start a new month and a new year.

Bitcoin Options Expiry
This week’s small tranche of Bitcoin options contracts has a put/call ratio of 0.48, meaning that there are a lot more calls (longs) expiring than puts (shorts). Max pain is around $88,000, according to Coinglass, which is pretty close to the current spot prices, so many will be in the money on expiry.

Open interest (OI), or the value or number of Bitcoin options contracts yet to expire, is highest at $100,000, which has $1.3 billion at this strike price on Deribit. There remains around $1.1 billion in OI at $75,000 and $80,000 as bearish bets mount up.

Total BTC options OI across all exchanges is at $28 billion, much lower now after last week’s massive expiry.


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