Bitcoin Options Expiry on September 13, 2024: Key Impacts and Market Sentiment

Today, approximately 23,000 Bitcoin options contracts are set to expire, carrying a notional value of $1.34 billion. The Put/Call ratio is 0.87, indicating that call options slightly outnumber put options, which hints at a modestly bullish market sentiment. Market analysts expect this large expiry to influence Bitcoin's price action, as it represents nearly double the size of last week's expiration event. The max pain price for this expiry is around $58,000, suggesting that the price may gravitate toward this level by the time the contracts expire.

The broader crypto market has been experiencing low volatility, with Bitcoin prices fluctuating between $57,300 and $58,400 over the past 24 hours. Today's options expiry could spark some movement, but analysts are cautious, particularly as the implied volatility (IV) has been declining across major terms. Despite this, the open interest at high strike prices like $70,000 and $100,000 remains substantial, reflecting some bullish bets on future price movements.

With around 126,700 Ethereum options also expiring today, carrying a notional value of $299 million, the impact of today's expirations could extend beyond Bitcoin into the broader crypto market. Overall, the expiration of these contracts could shift market sentiment, but it's expected to be a gradual shift given the low volatility and steady price channels observed recently​(

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