Will Crypto Markets Keep Turning When $2.8 Billion Bitcoin Options Expire Today?

Approximately 29,000 Bitcoin options contracts will expire on Friday, November 22 and have a notional value of approximately $2.84 billion.

Today’s options expiration is slightly lower than last week, but crypto spot markets are on fire, with peak prices being hit by several assets.

A massive $9 billion expiration event will take place at the end of the month, next Friday.

Bitcoin Options Expiration

This week’s batch of Bitcoin options contracts has a put/call ratio of 1.1. This is a rare scenario for BTC options where there are slightly more short contracts (puts) expiring than long contracts (calls). Maximum pain, or the point at which most losses will occur, is $86,000, well below spot prices, which hit an all-time high of $99,000 Friday morning.

Open interest (OI), or the value or number of options contracts not yet expired, is highest at the $100,000 strike price with $2.2 billion, according to Deribit.

Crypto derivatives provider Greeks Live has observed Bitcoin’s massive rally towards six figures and Ethereum is finally waking up.

He also commented on this week’s launch of Bitcoin ETF spot options for BlackRock’s IBIT fund, adding: “There is a significant influx of US money into ETFs, and the spot bull market is heavily driven by a number favorable factors.

“Market sentiment remains extremely optimistic at this stage, with the risk of a BTC pullback mitigated due to the broad-based market rally.”

Nov 22 Options Data
29,000 BTC options expire with a Put Call ratio of 1.1, a Maxpain point of $86,000, and a notional value of $2.84 billion.
164,000 ETH options are about to expire with a Put Call Ratio of 0.65, a Maxpain point of $3,050, and a notional value of $550 million.… pic.twitter.com/5ZRhIqbrJj

– Greeks.live (@GreeksLive) November 22, 2024

In addition to current Bitcoin options, approximately 164,000 Ethereum contracts expire today. These have a notional value of $550 million, a maximum pain of $3,050, and a put/call ratio of 0.65, bringing the combined notional value of crypto options at Friday’s expiration to around 3 .4 billion dollars.

Crypto Market Hits ATH

Several all-time highs propelled the total market capitalization to a new high of $3.43 trillion on Friday, November 22.

Bitcoin was once again in the lead, reaching $99,261 at its last ATH during Friday morning trading session in Asia. The asset has gained 12% over the past week and is up more than 40% since Donald Trump’s victory in the US presidential election.

Ethereum gained 9% on the day, reaching $3,375, but it faced strong resistance above, despite peers such as Solana and XRP pumping harder.

ETF Store President Nate Geraci listed the bullish events that provided momentum for digital assets this week:

So far this week…

-Approved options trading for spot BTC ETFs

-Spot BTC ETF assets exceed $100 billion

-SEC Chairman Gary Gensler resigns

-Schwab CEO says he will get involved in spot crypto

-19b-4 filed for 4 Solana spot ETFs

-BTC price near $100,000

It’s in four days.

-Nate Geraci (@NateGeraci) November 22, 2024