Bitcoin has surged to a two-month high of $66,000, stirring excitement among crypto enthusiasts, just as $8.1 billion worth of option contracts are set to expire today. This event has not only heightened investor anxiety but also triggered a market jolt.

Of the $8.1 billion in expiring bitcoin options, $4.9 billion comprises call options, which allow traders to purchase bitcoin at a predetermined price. The remaining $3.2 billion consists of put options, giving holders the right to sell the asset at a set price. Interestingly, at current market prices, about 28% of call options and 9% of put options are “in the money.”

Approximately 55% of call options have an exercise price of $70,000 or higher, suggesting that about $2.7 billion could become worthless if bitcoin’s price remains below this level. Meanwhile, 69% of put options are priced at $56,000 or below, meaning $2.2 billion is unlikely to be exercised. Based on current prices, bulls are positioned to gain approximately $1 billion upon the expiration of the option contracts.