Around 29,000 Bitcoin options contracts with a notional value of around $2.84 billion are set to expire on Friday, November 22nd. This is slightly smaller than last week’s expiry event, but spot crypto markets are still going strong, with peak prices being hit by several assets. A huge $9 billion expiry event is expected at the end of the month.
Bitcoin options expiring this week have a put/call ratio of 1.1, meaning there are slightly more short (put) contracts expiring than long (calls). The max pain, or point at which most losses will occur, is $86,000, which is well below current spot prices that hit an all-time high of $99,000 on Friday morning.
Open interest (OI), or the value or number of options contracts yet to expire, is highest at the $100,000 strike price with $2.2 billion there, according to Deribit. Crypto derivatives provider Greeks Live noted the massive Bitcoin rally towards six figures and Ethereum finally waking up. They also commented on this week’s launch of spot Bitcoin ETF options for BlackRock’s IBIT fund, saying that there is a significant inflow of US money into ETFs, and the spot bull market is being strongly driven by a number of favorable factors.
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