$9.4B Worth Bitcoin Options Expiry: Will the Price Jump?

On November 29, the crypto market is gearing up for a massive event: $9.4 billion in Bitcoin options and $1.3 billion in Ethereum options are set to expire. This could lead to significant price fluctuations, especially with the U.S. Thanksgiving holiday just behind us.

Here’s why it matters: nearly half of all Bitcoin options—about $4.2 billion—are “in the money” (ITM). For many traders, this means profits are on the horizon. Most of these are call options, indicating bets that Bitcoin’s price will keep rising. This setup could trigger significant price activity as November 29 approaches. Historically, similar expirations have caused price drops, like a 3% decline in October, but this time might be different.

With so many ITM calls, market volatility is almost guaranteed. Traders looking to secure profits could create price swings. Meanwhile, a substantial number of put options are concentrated around $70,000, but analysts believe the real action will focus between $70,000 and $82,000, aligning with the “max pain” theory.

Out-of-the-money (OTM) options also play a role, with $5.2 billion worth still active. While many are puts, they often act as a hedge against downturns rather than outright bearish bets. Since Bitcoin’s current price is above the max pain level, market makers might need to buy more BTC to balance their positions, potentially driving prices higher—possibly edging closer to $100,000.

As this options expiry event unfolds, Bitcoin’s price could see dramatic swings. Will market makers propel BTC to new highs, or will profit-taking lead to a dip? The crypto world is holding its breath, with November 29 shaping up to be a pivotal day.