Today, March 14, marks the expiry of a substantial batch of Bitcoin options valued at $2.9 billion. As this event unfolds, crypto market participants closely monitor its potential impact on the market.
Bitcoin Options Expiry
The batch of Bitcoin options expiring this week has a put/call ratio of 0.73, indicating a slight majority of call options over puts. Open interest remains high, particularly at the $100,000 and $120,000 strike levels.
State of the Crypto Market
This Friday, the crypto market saw a 3.7% slump in total capitalization, dropping to $2.76 trillion. Bitcoin retraced to $80,000 before a minor recovery, while Ethereum remains at bear market levels. Altcoins are showing mixed results.
Impact on Options Market
In addition to Bitcoin options, around 220,000 Ethereum contracts also expire today with a notional value of $416 million and a put/call ratio of 0.68. This brings the total options expiry notional value to $3.3 billion, potentially affecting market sentiment.
While this week's Bitcoin options expiry involves significant sums, the impact on the market may remain limited. The focus is on future forecasts and shifts in market sentiment.
