September 28, 2021

Key metrics show this week’s $4B Bitcoin options expiry favors bulls

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Over the past two weeks, Bitcoin price appears to have lost momentum and some analysts are suggesting that bears will be in control for the foreseeable future.

Taking a look at derivatives market data provides a clearer picture of what is happening on the institutional side and how the moves of larger players may impact the spot markets.

After peaking at $10.6 billion on Jan. 14, the open interest on Bitcoin (BTC) scaled back to $8.4 billion. The Jan. 29 monthly expiry continues to stand apart, totaling 47% of the options in play.

Although a $4 billion expiry could be significant, one must consider that these options are split among calls (neutral-to-bullish) and the more bearish put options. Furthermore, having an opportunity to buy BTC for $52,000 on Jan. 29 might have made sense a couple of weeks ago, but not so much right now.

BTC options aggregate open interest. Source:

As the data above depicts, Deribit exchange remains the absolute leader with an 83% market share. Nevertheless, to understand how eventful this expiry could be, one mustTitle: Key metrics show this week’s $4B Bitcoin options expiry favors bulls
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Published Date: Sun, 24 Jan 2021 22:00:00 +0000