Approximately 48,700 Bitcoin options contracts are expiring on Friday, Nov. 8, with a notional value of around $3.7 billion.
Today’s options expiry is much larger than last week’s following a period of increased volumes and volatility on markets, which have been boosted by Donald Trump’s presidential victory in the United States and the premise of a clearer regulatory environment.
This week’s big batch of Bitcoin options contracts has a put/call ratio of 0.72, meaning that there are more long (calls) than short (puts) contract expiries. Additionally, open interest (OI), or the value or number of open options contracts yet to expire, is highest at the $80,000 strike price with $1.7 billion in OI, according to Deribit.
Crypto derivatives provider Greeks Live commented that the election market is rapidly cooling off, and despite strong gains in both Bitcoin and Ethereum and optimistic sentiment in the industry, “the options market is closing out profit taking in a noticeable way to end the election game.”
“BTC doomsday options have fallen below 50%, and IVs [implied volatility] are down significantly across all major terms, with ETH benefiting from today’s big gains and falling back less than BTC.”
Bitcoin OI by expiration. Source: Deribit
In addition to today’s Bitcoin options, there are around 294,000 Ethereum options contracts ready to expire with a put/call ratio of 0.65 and a notional value of $850 million. This brings Friday’s combined crypto options expiry notional value to around $4.5 billion.
Crypto market momentum has continued in the wake of Wednesday’s US election results. Total capitalization is currently at $2.67 trillion, its highest for five months.
Bitcoin tapped another new all-time high of $76,872 during late trading on Nov. 7, as the Federal Reserve cut rates by another 0.25%, according to CoinGecko. This brings its total gains to almost 22% over the past 30 days.
Ethereum is also finally on the move, tapping an intraday high of $2,950 during early trading in Asia on Friday morning. The asset, which has been plagued by FUD recently, has made an impressive 15% over the past week.
Most of the altcoins are cooling after recent rallies, but Solana (SOL) and Cardano (ADA) are leading them with 5% and 14% daily gains, respectively.
The post Will Crypto Markets See New Peaks as $3.7B Bitcoin Options Expire Today? appeared first on CryptoPotato.
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
