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💰💰💰With $2.4 billion in options expiring on Friday, crypto traders are preparing for short-term turbulence💰💰💰
On Friday, $2.4 billion worth of options on Bitcoin and Ethereum will expire.
The options market appears to be trending upwards, according to data from Greeks.live.
Block trades with bullish-looking expiration dates in September and December and a $65,000 BTC call option were detected by the intelligence outfit.
Based on data from intelligence tracker Greeks.live, Friday appears to be a positive day for the Bitcoin and Ethereum options market. According to the company, two Bitcoin calls indicate that market players are mostly bullish.
Bitcoin rebounded from Wednesday's low of $56,552 to Friday's high of $60,000, an increase of roughly 7% following the release of US Nonfarm Payrolls data that was lower than expected.
The experts at Greeks.live have uncovered some unique and long-lost Bitcoin call options. Notable examples include two $65,000 calls that paid out 93 BTC, or about $3.35 million, which had expiration dates in September and December, respectively.
By purchasing a call option, one can secure the right to purchase a security at a predetermined price within a given time frame. Therefore, options traders expect the asset's price to increase and exceed this level by the conclusion of this time period, since $65,000 calls with an expiration date of September and December are bullish.
Two, a September call ratio spread approach stands out as a noteworthy trade. A trader in options bought 600 BTC and sold 1,200 BTC, with a premium of 45 BTC paid in net. The details involve buying one $60,000 call and selling two $90,000 calls at the same time.
In addition, on Friday, a total of $2.4 billion worth of options—including 23,000 Bitcoin options worth $1.4 billion and 330,000 Ethereum options worth $1 billion—are set to expire. The Greeks.live team of analysts has forecasted falling volatility across the board for major terms and a general deterioration in market confidence.
