Today, October 4, approximately 17,400 bitcoin option contracts are set to expire. These contracts hold a total value of around 1 billion USD.

The expiration of these options is much smaller than the major event at the end of last month and quarter, so it is unlikely to have a significant impact on the spot markets, which have seen declines this week.

Bitcoin Option Expiration

The bitcoin option contracts expiring today have a put/call ratio of 0.75, meaning more call (long) contracts will expire than put (short) contracts.

Additionally, the open interest (OI), which represents the value of outstanding option contracts that haven't expired yet, remains high at a strike price of 70,000 USD, amounting to 841 million USD.

OI at strike prices of 80,000 and 90,000 USD has decreased, but there is still 968 million USD at a strike price of 100,000 USD, according to data from Deribit.

Crypto derivatives provider Greeks Live shared its market outlook earlier this week, stating that "#CryptoMarkets are going through a shake-up" and added:

"Quarterly expirations are behind us, main IV (implied volatility) maturities are at lower levels, and there's still significant downward pressure this week. Historically, October is a better month, so now may be a good buying opportunity."

Ethereum and Other Options

In addition to the #bitcoin☀️ options expiring today, approximately 119,000 #etherreum options are also set to expire, with a total nominal value of 282 million USD and a put/call ratio of 0.68. The total value of expiring options amounts to around 1.3 billion USD.

Crypto Market Outlook

The crypto markets saw another 2% drop today, pushing the total market capitalization down to 2.21 trillion USD, the lowest level since mid-September.

Since the start of the month, 200 billion USD has evaporated from the market, dashing hopes of an optimistic "Uptober" following "Slumptember."

On Thursday evening, bitcoin hit an intraday low of 59,950 USD, but during today's trading in Asia, it recovered slightly to 61,000 USD. However, even this level remains uncertain, as the asset's price has slightly decreased again at the time of writing.

Ethereum's prices followed a similar trend, dipping close to 2,300 USD before rebounding slightly to 2,370 USD. Ethereum has dropped 10% over the past seven days as a wave of FUD (fear, uncertainty, doubt) returns to the market.

Most #altcoins were also in the red this morning, a trend that has persisted throughout most of the week.

Notice:

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