Today, some exciting news about Bitcoin! ๐ช Around 98,500 Bitcoin options contracts are set to expire with a total value of $9.48 billion. ๐ฑ Thatโs more than triple what happened last week!
The put/call ratio for these contracts is 0.84, meaning that there are slightly more long (call) contracts expiring than short (put) contracts. ๐ According to Deribit, the highest open interest is at the $100,000 strike price with a value of $2 billion. ๐ค
There are also reports that the Bitcoin options market is seeing a lot of large trading, with over $120 million in call options traded on November 26. ๐ So, it looks like the whales are starting to move, and there could be a big move coming!
Meanwhile, the total crypto market cap is holding steady at $3.5 trillion, near its all-time high. ๐ต Bitcoin briefly dropped to $94,700 but then rebounded to $96,700. Ethereum also held steady below $3,600, and XRP rose 7% to $1.57. ๐
So, will this Bitcoin options expiry push the market higher? Only time will tell! โณโจ$BTC