2024-02-16 16:31:45
It’s another Friday, another expiration day for Bitcoin options. While the exchange rate is already touching $53,000 ( BTC Price ), the question arises as to whether the expiration of the contracts can give the price an additional impetus. 21,150 Bitcoin options expire on February 16th, which is slightly higher than last week’s expirations. According to Deribit, the nominal value of Bitcoin options contracts expiring this week is $1.1 billion.
The characteristics of Bitcoin options suggest that investors are very bullish
The put/call ratio for the options now expiring is 0.90, which means that the long and short positions are fairly evenly distributed in this package. The strike price of $50,000 is very significant, with 15,766 call options and a face value of $822 million. Moreover, the put/call ratio here is only 0.24. This means that the number of bulls far outnumber the bears shorting at this strike price. They are shorting, so they are playing for the exchange rate to fall. It is interesting that there are currently a lot of open option deals for high strike prices, namely $60,000, $65,000 and even $75,000. At strike prices between $60,000 and $75,000, there are nearly $2.4 billion in long-term options contracts.
A K33 Research according to his analyst the “the options market is positioning itself for the momentum expected in the coming months”. According to him, it can be seen that most of the contracts are now based on a bull market trend, especially since everyone expects a serious price-inflating effect from the Bitcoin halving. Of course, there is still some impact in the exchange rate due to capital inflows into spot BTC ETFs, but this frenzy has died down. About 198,700 Ethereum option contracts also expire on February 16. They have a face value of $565 million and a put/call ratio of 0.62. In the case of ETH, the largest number of open deals is at the strike price of $3,000, with $585 million and 205,000 call options. At the same time, even at the contract price of $2,400, the number of contracts is quite large, with $460 million.
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