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BTC 
ETH Cryptocurrency market focuses on US$1.4 billion options expiration
The cryptocurrency market is focusing on Bitcoin and Ethereum options contracts that expire today with a total value of approximately US$1.4 billion. Although regular weekly option expiration sometimes triggers price fluctuations in the short term, this week's trading volume is significantly lower than previous large-scale expiration dates and is expected to have limited impact on the market. In midweek, Bitcoin and Ethereum rose for a while, driven by lower-than-expected inflation data in the United States, but as the weekend trading day approached, some of the gains had been surrendered.
Billions of dollars in bitcoin options expire
About 19,500 bitcoin option contracts expired today, with a total nominal value of US$1.23 billion. The put/call ratio in the options market is 0.87, indicating that the levels of put and call positions are quite close and investors have not yet reached a clear consensus on the direction of the market. In addition, the maximum pain point is $62,500. Because the bitcoin spot price is above this level, some options may become imaginary at expiration.
According to Deribit data, the most concentrated strike price for open interest contracts is US$70,000, with approximately US$1.6 billion in open interest contracts at this level; there are also approximately US$1.1 billion in open interest contracts at the US$60,000 level. Coinglass data shows that the total open interest in bitcoin options on all exchanges has risen to US$30 billion.
Put pressure on Ethereum options continues
In addition to Bitcoin, approximately 131,000 Ethereum option contracts expired today, with a total nominal value of US$242 million. Ethereum has a put/call ratio of 1.5 and a maximum pain point of $1,750. This ratio suggests that investors are taking a more cautious stance towards Ethereum in the short term. The open interest in Ethereum options on all exchanges is approximately US$4.8 billion.
Will option expiration affect the market?
Experts point out that the $1.4 billion option expiration is much lower than the massive expiration dates in previous months, so today's transaction itself is unlikely to trigger significant fluctuations in Bitcoin and Ethereum prices. At the same time, investors believe that macroeconomic dynamics, geopolitical risks and inflows of cash into spot ETFs will continue to determine the direction of the cryptocurrency market more than option expiration dates.
