On Friday, a notable expiration of approximately 34,000 Bitcoin options worth around $2.1 billion is anticipated, amid a bear market that has seen crypto valuations decline.

Bitcoin Options Expiry

The latest batch shows a put/call ratio of 0.59 indicating a majority of calls, and many contracts may be out of the money at expiry. Open interest remains high around the $100,000 and $70,000 price points — these locations are crucial as overall options open interest declines to $32.5 billion.

“BTC option flows suggesting downside plays not over,” said Deribit.

“Bitcoin’s open interest is stacked through the $80K to $90K region, with elevated put activity indicating defensive positioning by traders.”

In addition, about 217,000 Ethereum options are also set to expire, totaling an estimated value of $400 million. This highlights a significant moment in the crypto options market.

Market Outlook

Overall, the cryptocurrency sector is under pressure, witnessing its market capitalization drop to a 16-month low of $2.27 trillion. Bitcoin has fallen sharply below $60,000 and Ether is hovering around bear market lows.

Tags: Bitcoin (BTC) Price, Deribit