đ Crypto Markets Brace for Epic $11 Billion Options Expiry Event! đ
đ° In Brief:
Over 178,000 Bitcoin options contracts, worth $7.6 billion, are set to expire on December 29, marking a significant end-of-year event.
The total value of expiring crypto contracts is estimated at $11 billion, up from last year's $9.8 billion.
In addition to Bitcoin, 1.49 million Ethereum contracts, with a notional value of $3.47 billion, are also due to expire today.
đ Market Dynamics:
Friday is Bitcoin options expiration day, and today is a mammoth end-of-month and end-of-year event. With billions in BTC derivatives expiring today, crypto markets may have one final movement before the end of the year.
đ Key Insights:
More than 178,000 Bitcoin options contracts are set to expire on December 29, according to Deribit, making it one of the largest batches of the year.
The notional value of todayâs batch of Bitcoin derivatives contracts is $7.6 billion on options market leader Deribit. However, additional contracts are expiring on smaller options exchanges such as CME and OKX.
đ Options Market Snapshot:
The put/call ratio for the big Deribit slice is 0.67, indicating around 50% more call (long) contracts expiring than puts (shorts).The max pain point is $43,000, although considerable interest centers around the $50,000 strike price with 24,600 calls.
đĄ Market Commentary:
Greeks Live commented on the big annual delivery day, noting that the total of $11 billion is up from last yearâs end total position of $9.8 billion. Despite the typical year-end low volatility, the anticipation of ETFs in January keeps the overall IV level from dropping too low.
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What to Watch For:
For bears to regain control, they need a lower price of $41,900.Bulls, on the other hand, aim for a gain above $44,000 on December 29.
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