Approximately 17,400 Bitcoin options contracts will expire on Friday, October 4th. The notional value of these contracts is approximately $1 billion.
Today’s option expirations are much smaller than last week’s large month-end and quarter-end events, so they are unlikely to impact the spot market, which is in retreat this week.
Bitcoin options expiration date
This week’s put/call ratio for Bitcoin options contracts is 0.75. This means that slightly more long (call) contracts expire than short (put) contracts.
Additionally, open interest (OI), or the value of open option contracts that have not yet expired, remains high at $841 million and the strike price of $70,000.
OI at strike prices of $80,000 and $90,000 decreased. But even with a $100,000 strike price, there’s still $968 million left, according to Deribit.
Cryptocurrency derivatives provider Greek Live shared its market outlook earlier this week, stating that “the crypto market is undergoing a shakeout,” before adding:
“With quarterly deliveries over and key maturities IV (implied volatility) at low levels, there is still a lot of downward pressure this week.Historically October has been a generally good month and now is a good buying opportunity.”
Bitcoin investment essentials, overview of this week’s biggest events (9/30-10/6)
The most important macro data this week is Friday’s unemployment rate and non-farm payrolls data, but the windy A-share market is clearly much smaller than the U.S. stock market right now…
— Greeks.live (@GreeksLive) October 1, 2024
In addition to current Bitcoin options, there are approximately 119,000 expiring Ethereum options with a notional value of $282 million and a put/call ratio of 0.68. This brings the total value of the revocation event to approximately $1.3 billion.
Virtual currency market outlook
On this day, the cryptocurrency market fell another 2%, bringing total capitalization to $2.21 trillion, the lowest level since mid-September.
Moreover, since the beginning of this month, the market has dumped $200 billion, dispelling the hype of an “uptober” following a “slump tenter.”
Bitcoin hit an intraday low of $59,950 in late trading on Thursday, but recovered to regain $61,000 during Friday morning Asian trading hours. However, at the time of writing, the asset was falling again and it too appeared volatile.
Ethereum price reflected this movement, dropping to nearly $2,300 before recovering slightly to $2,370 at the time of writing. ETH has fallen 10% in the past seven days amid another wave of FUD.
As with most of this week, most altcoins were in the red this Friday morning.
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