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Home / Business / Bitcoin bulls will defend $13,000 as $450 million BTC futures expire on Friday

Bitcoin bulls will defend $13,000 as $450 million BTC futures expire on Friday



A total of 62K Bitcoin (BTC) options are scheduled to expire this Friday, which is equivalent to $830 million in open positions. These huge numbers fail to reflect the fact that 58% of these options are now considered worthless.

As we approach the expiration date, call (buy) options above the current price begin to rapidly depreciate. It is worth spending $20 on the opportunity to buy BTC at $14,500 last Friday morning. Therefore, scrolling the options to next month does not help much.

October BTC option pricing. Source: Deribit

Less than 48 hours before expiration in October, call (buy) options above ($1

4.5K) and above $145,000 have small returns. It can be said that the same goes for $11,500 put (sell) options currently trading at less than $10.

Among the options that are still worth choosing, Deribit has a 70% market share. Currently, $134 million worth of call (buy) options (from $11,500 to $13,500) are stacked with $45.5 million put (sell) options (from $12.5K to $1450K). Therefore, the bulls are short bears at a ratio of 3:1.

Among BTC options in October, the Chicago Mercantile Exchange (CME) had a 26% market share, but it was still important. Call (buy) options that are close to current market levels total $72 million, while put (sell) options are less than $1 million. CME Group option traders are usually extremely bullish, so this trend is no different from previous experience.

Therefore, there is currently an imbalance of US$160 million, which is beneficial to the bulls in the BTC options market. Considering that the expiration time is at the set time, this is a relevant number. OKEx and Deribit options and futures will expire at 8:00 AM (UTC) on October 30, while CME will expire at 4:00 PM (UTC) a few hours later.