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BTC With approximately $5 billion in Bitcoin options expiring today, market sentiment is once again tense. According to Deribit data, the main expiration prices are around $70,000. This means that bulls and bears are engaged in a fierce battle around this key price level. If Bitcoin can maintain its critical support level, short-term fluctuations could provide new momentum for bulls. Conversely, if bears gain the upper hand, the market may experience a rapid correction. With institutional funds and derivatives trading continuing to increase in importance, this “$5 billion battle” could become a crucial turning point for Bitcoin’s price movements this month.
Approximately 47,000 Bitcoin option contracts will expire on Friday, October 24th, with a net value of about $5.1 billion.
This expiration event is slightly larger than last week, but it is unlikely to have any impact on the spot market, which has been relatively stable over the past few days.
The U.S. government remains closed, and a delayed Consumer Price Index inflation report for September will be released today, which could cause market volatility, especially if inflation data exceeds expectations (currently at 3.1%).
Bitcoin option contracts are expiring.
This week, the ratio of put/call options for these Bitcoin contracts is 1.03, meaning that bull and bear contracts are evenly matched. According to Coinglass, the maximum loss could be around $114,000.
Open Interest (OI) refers to the value or quantity of Bitcoin options contracts that have not yet expired. The maximum values for these contracts are $120,000, $130,000, and $140,000 respectively. On Deribit, the total value of open interest contracts calculated at these exercise prices exceeds $2 billion. Additionally, the open interest contracts worth $100,000 that are targeted by short sellers also amount to over $2 billion.
According to Coinglass data, the total value of BTC option open interest on all exchanges has reached a record high of $63 billion. Last Friday, Deribit reported that the value of Bitcoin option open interest had just reached a new record high of $50 billion.
