September 26, 2021

Bitcoin bulls target $40K as Friday’s $1B BTC options expiry approaches

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On Feb. 5, a total of $1 billion in Bitcoin (BTC) options open interest is set to expire. This number is small relative to the past month’s $4 billion options expiry, but monthly and quarterly options typically concentrate the most volume. 

Friday’s expiry is somewhat unusual although it is balanced at the current BTC levels. Data also shows that bulls have many incentives to push up the price above $38,000.

BTC Feb. 5 options aggregate open interest. Source: Deribit, OKEx,

Deribit exchange holds 84% market share for Friday’s expiry. By analyzing the aggregate open interest between $28,000 and $43,000, there are $300 million worth of neutral-to-bullish call options stacked against $290 million open interest from put options.

Therefore, by analyzing strikes 25% above or below the current BTC price, there’s virtually equilibrium from both sides.

As per the above data, the neutral-to-bearish put options are concentrated at $34,000 and below. Between $34,000 and $36,000 strikes, there’s a perfect balance, as both call and put options are equally matched.Title: Bitcoin bulls target $40K as Friday’s $1B BTC options expiry approaches
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Published Date: Wed, 03 Feb 2021 19:17:07 +0000