Today marks a significant event in the crypto derivatives market, with large expirations of Bitcoin options as well as Ethereum options amid notable price rallies in the spot market.

A total of 49,000 BTC options and 295,000 ETH options officially expired on November 8.

For Bitcoin, the expiration shows a Put-Call ratio of 0.72, indicating a slightly more bearish outlook among options traders who had initially bet on a significant price correction. The notional value of the 49,000 BTC options that expired worthless stands at $3.7 billion.Notably, last Friday—when the market was in a bearish phase—28,000 Bitcoin options, valued at around $2 billion, expired. This expiration coincided with Bitcoin dipping to $68,000. At the time, the options market was almost evenly split between bearish and bullish traders.

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