Billions of dollars in BTC and ETH options about to expire

Billions of dollars in BTC and ETH options about to expire

According data Provided by Greeks.live, 23,000 BTC options are about to expire with a put/call ratio of 0.49. Its nominal value amounts to 1.4 billion dollars.

According data Provided by Greeks.live, 23,000 BTC options are about to expire with a put/call ratio of 0.49. Its nominal value amounts to 1.4 billion dollars.

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The “maximum pain” point for Bitcoin options is estimated to be around $61,000. This means that this specific strike price has the largest number of call and put options. Simply put, market participants on both sides of the trade would face the biggest losses at the aforementioned price level.

“Maximum pain” suggests that the price of an option tends to approach the price of the most open option contracts. In such a case, the maximum number of put and call options expire worthless. It is worth noting that only a small number of options tend to be exercised (approximately 10%).

cardAdditionally, 330,000 ETH options will expire with a put/call ratio of 0.36. The “maximum pain” point currently sits at $3,000 with a face value of $1 billion.

As noted by Greeks.live, the market turned bearish due to massive outflows from Bitcoin exchange-traded funds. Recently launched Hong Kong-based ETFs failed to offset these massive capital outflows. Due to these factors, the implied volatility (IV) of all major terms continued to decline. In fact, level IV is now on par with the winter bull market.

According to CoinGlass, total Bitcoin options interest amounts to $17.6 billion, with Deribit accounting for the vast majority of the sum. As for Ethereum, the total options interest is $7.6 billion.

Bitcoin and Ethereum are currently trading at $59,199 and $2,969, respectively, according to CoinGecko.

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