In the cryptocurrency market, there is a major event influencing the price of Bitcoin. The expiration of Bitcoin options is coming soon, with spot prices currently staying above $60,000. However, a significant number of contracts are set to expire today, totaling 21,800 Bitcoin option contracts valued at approximately $1.33 billion, slightly lower than the previous week.

Bitcoin's price is fluctuating around $62,000, facing volatility as the market experiences a decline. The put/call ratio for expiring BTC contracts stands at 0.63, indicating more long contracts than short ones.

Bulls dominate the derivatives market, especially at the $80,000 strike price, with $881 million worth of long positions. Ethereum options are also nearing expiration, with 297,000 contracts valued at $960 million. The put/call ratio is 0.42, showing a higher count of long options.

Market analysts suggest that these developments in the options markets could be crucial for investors to observe closely. Currently, Bitcoin is priced at $63,216, while Ethereum is trading at $3,045.