Bitcoin trades above $69K following largest quarterly options expiry in history.
The Bitcoin BTC tickers down $70,393 price remained above the $69,000 mark on March 29 despite the market experiencing the biggest quarterly Bitcoin futures options expiry event in history.
Hao Yang, the global head of derivatives trading at Bybit exchange, told Cointelegraph:
“We have experienced the largest option expiration in history for Bybit and Deribit as well. People may roll over or unwind their hedging position during the expiration time, and the action of unwinding may have a small impact on the price movement in the very short term.”
Over $15.1 billion worth of cryptocurrency futures options expired on Deribit on March 29 at 8:00 am UTC, according to a March 28 X post by Deribit.
Of the $15.1 billion, $9.53 billion represented the notional value of Bitcoin options expiring at a put/call ratio of 0.84, with a “max pain” price potential of $51,000.
While options expiry can lead to heightened volatility, the max pain price point doesn’t offer an accurate reflection of Bitcoin’s long-term price potential, which is still tied to its fundamental values, Yang explained:
“Just as a fancy gaming PC case doesn’t directly impact the performance of the hardware inside, max pain is an indicator that provides some insight but ultimately has limited influence on the actual price movement of Bitcoin.”
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