$1.1 Billion in Bitcoin Options Contract Set to Expire
Big day for Bitcoin with $1.11 billion in options expiring, amid mixed market signals and strong altcoin gains.
This Friday is important for Bitcoin, as about 25,000 Bitcoin options contracts are set to expire, valued at $1.11 billion. There's a higher number of long positions (calls) than short positions (puts), indicating more optimism among traders. Key interest levels are at $40,000 and $45,000, with many eyeing the $50,000 mark.
Despite these expiries, there are mixed signals in the market, with Bitcoin hovering around $44,000. Large traders seem to be preparing for potential drops, as indicated by heavy put buying in both Bitcoin and Ethereum markets.
Alongside Bitcoin,Ethereum options are expiring today, with 217,000 contracts worth about $491 million. The main focus for Ethereum traders is around the $2,400 and $2,500 price levels.
The overall crypto market seems unaffected by these expiries and is performing well. The total market capitalization reached $1.74 trillion, the highest since early May 2022. Bitcoin and Ethereum both show gains, and altcoins like Solana, Cardano, and others are leading the market with significant increases."
