$6.6B Bitcoin & $3.5B Ethereum Options will Expire on Friday

  • A total of $6.6 billion in Bitcoin options and $3.5 billion in Ethereum options will expire on Friday, 28th, 2024.
  • Bulls and bears struggle to stabilize the crypto market as the BTC’s Fear and Greed falls to 49.

The last few weeks of June have shown immense volatility in the crypto market as Bitcoin dipped below the $62k mark. Bitcoin and Ethereum options worth $10 billion are set to expire on the leading crypto derivatives exchange Deribit on Friday, 28, at 08:00 UTC. BTC options are worth $6.68 billion, and ether (ETH) options are worth $3.5 billion.

Bitcoin and Ethereum options expiry set the market tone

Crypto market analysts point out that the impending expiry could trigger a surge in market volatility. The Bitcoin expiry options have a put/call ratio of 0.47,  which shows a bullish sign. 

The data from Deribit shows the total Open Interest at $108,239, with 71,651 call options and 36,588 put options. In addition, the maximum pain point (the price at which options lose all value) for BTC is currently $57K.

Options are derivative contracts that allow the holder to buy or sell the underlying asset at a predetermined price on or before a specific timeframe. On Deribit, each option contract corresponds to one BTC or ETH.

To that end, ETH options worth  $3.54 billion are set to expire on Friday, whose put/call ratio is currently 0.58. The current total open interest stands at 1,049,020.00, with call options accounting for 662,453.00 and put options also amounting to 662,453.00. 

Also Read: VanEck to launch a spot Ethereum ETF for free on July 2

BTC and ETH face market corrections

Bitcoin charts show signs of bottom formation after a 15% slip from its ATH. According to a tweet on X from CryptoQuant, “Open interest has declined, funding rates are near zero, suggesting a more balanced market. Crucial U.S. economic data is incoming. Is the tide turning?”

Under the given circumstances, traders are likely to closely monitor the crucial US economic data and the macro developments ahead.

Factors like BTC miner sales, some selling pressure from German-seized BTC, and the imminent transfer of Mt. Gox settlement, expected in early July, contributed to Bitcoin’s recent price dip. Bears and bulls are still struggling to balance the market as the BTC Fear and Greed index dips to 49—neutral.

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Also Read: Bitcoin futures cash-and-carry trade tanks in profit; what’s next?

Florence Muchai

Florence Muchai is an experienced crypto journalist with 4 years experience in Crypto, Blockchain, Web3, NFT and AI. Florence holds a Bachelor's Degree in Disaster Management and International Diplomacy. She also has a Master's Degree in Clinical Psychology. Florence enjoys being a digital nomad and her writings tell value, wealth and in-depth understanding of decentralized and traditional finance.

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