Bitcoin is already in retreat following its all-time high of $73,580 this week, but will today’s big expiry event send prices tumbling lower?
Around 30,600 Bitcoin options contracts will expire on March 15 with a notional value of around $2.45 billion.
This week’s expiry event is slightly larger than last week’s, but a huge one worth almost $10 billion will occur at the end of March.
Bitcoin Options Expiry
The put/call ratio for today’s batch of Bitcoin options is 0.78 which means there are slightly more calls (long contracts) being sold than puts (shorts).
There is a lot of open interest (OI) at the $65,000 strike price, according to Deribit, with $1.1 billion in total notional value there. Furthermore, there is almost $1 billion in OI at both $60,000 and $70,000 strike prices.
Bitcoin options OI by expiry. Source: Deribit
Crypto derivatives tooling provider Greeks Live commented that BTC has started to decline “with a recent change in market tempo” before adding that the
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