Will the expiry of $700 million in Bitcoin options fuel a market rally this weekend?
Friday is the expiration day for many Bitcoin options, and open interest is currently around $700 million. Cryptocurrency markets have risen throughout the week, but are they about to rise even further over the weekend?
Around 15,100 Bitcoin options contracts expire on February 9. This week's expiration is much smaller than last week's, but could still have an impact on the spot market's momentum.
Bitcoin Options Expiration
The notional value of the batch of Bitcoin options contracts expiring this Friday is $700 million, according to Deribit. The put/call ratio is 0.82, which means that slightly more calls or long contracts are being sold than puts or short contracts.
The notional value for today's maturity is $700 million. Additionally, there remains a lot of open interest at the $50,000 strike price, with 15,447 buy contracts at that level. They have a notional value of $714 million, according to Deribit.
Additionally, there are now 11,600 purchase contracts at the $60,000 strike price, meaning derivatives traders are becoming more bullish.
