Bitcoin rally approaches $15.7 billion options expiry
Bitcoin traders are bracing for a major derivatives reset on Friday, when about $15.7 billion of options tied to the cryptocurrency are due to expire on Deribit, putting the durability of this week’s rally under scrutiny. The September 25 quarterly expiry is the largest concentration of Bitcoin options on the exchange, with open interest equivalent to roughly 179,000 to 183,000 Bitcoin depending…
Bitcoin traders are preparing for a significant derivatives reset on Friday, as nearly $15.7 billion worth of options on the cryptocurrency are set to expire on Deribit. This is the largest cluster of Bitcoin options on the exchange, with open interest of roughly 179,000 to 183,000 Bitcoin depending on the market snapshot. More calls than puts are in the options book, with calls accounting for $9.2 billion of open interest and puts at $6.5 billion, resulting in a put-to-call ratio of around 0.71.
Deribit CEO Luuk Strijers described the September contract as call-heavy, reflecting positions built on expectations of further gains. Bitcoin traded around $84,000 early on Thursday, following a surge above $86,000 earlier in the week. This rally is putting the durability of this week's growth under scrutiny, as the contracts expire at 08:00 UTC on Friday.
The September contracts make up roughly 37% of all Bitcoin options open interest on Deribit, and their expiration may impact short-term trading flows due to the disappearance of a large block of positions and dealer hedges.
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