$3 Billion Options Expiration in the Crypto Market

Approximately $3 billion worth of Bitcoin and Ethereum options have expired on Deribit in the cryptocurrency market. Following the expiration, limited volatility was observed in the market, while options data indicated that Bitcoin investors took a more optimistic stance, whereas Ethereum investors adopted a more cautious position. The total expiration size was reported to be around $2.9-3 billion, with approximately $2.53 billion accounted for by Bitcoin options. On the Ethereum side, options worth about $406-425 million expired. The put-to-call ratio for Bitcoin options was recorded at 0.76. This ratio being below 1 indicates that call options outnumber put options, reflecting investors' overall bullish sentiment. The maximum level for Bitcoin, which is the price point at which the most options contracts expired worthless, was calculated to be around $75,000. In contrast, the outlook for Ethereum options was more defensive compared to Bitcoin. The put-to-call ratio for ETH rose to 0.89. Approaching a ratio of 1 suggests that investors are taking more protective positions against downside risks. The maximum level for Ethereum was highlighted at approximately $2,150.

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