The conclusion of the week and the month signals a major Bitcoin options expiry event, coinciding with a struggle for spot markets to gain momentum. Approximately 147,000 Bitcoin options contracts are set to expire, with a notional value nearing $13.4 billion. This event is notably significant due to its timing at month-end, likely impacting spot markets, which have generally been trying to recover from the volatility seen this month.

US economic data has resumed this week, showing higher-than-expected PPI inflation numbers, which typically bear a negative implication for cryptocurrency markets.

Bitcoin Options Expiry

The current batch of Bitcoin options denotes a put/call ratio of 0.58, indicating a predominant number of long positions set to expire in comparison to shorts. The maximum pain point situates around $100,000, as per Coinglass data.

The open interest (OI)—the total value or quantity of Bitcoin options contracts that are yet to expire—remains highest at $100,000, accounting for $2.2 billion at this strike price on Deribit. Additionally, there is almost $2 billion in OI around the $80K and $85K marks, positioned by short-sellers.

Across all exchanges, total BTC options OI stands at $57 billion, as noted by Coinglass. Recently, CryptoQuant highlighted the market experiencing the largest drop in open interest for this cycle.

“This move does not signal the start of a bear market; rather, it reflects a major leverage washout (Long Squeeze).” “Positioning appears to have stabilized following recent volatility, with open interest now clustering around the $100K level, despite the fear,” said Deribit. “This elevated call interest may indicate improving sentiment following the recent volatility.”

Upcoming Options Expiry Alert

An alert for the November options reveals that over $15.4 billion in Bitcoin and Ethereum options are set to expire, marking the end of a month characterized by significant price fluctuations.

Spot Market Outlook

Recently, crypto markets have shown minimal movement with total capitalization hovering around $3.2 trillion. Bitcoin touched the $91,800 mark multiple times but faced resistance every occasion, currently dipping just below $91,000. Conversely, Ether has had difficulty exceeding $3,000 and reverted below it at the time of this writing.

Note: Always conduct your own research before making any investment decisions.