Bitcoin Options: Will They Even *Notice*?

Ah, Bitcoin options. A truly perplexing spectacle! As if the very fate of the world hinges upon 28,000 contracts expiring this Friday, October 3rd – a sum amounting to a rather substantial $3.37 billion. Billion, you say? Such extravagance! 💸 One almost feels sympathy for the accountants.

They assure us, these… *experts* do, that this is merely a “return to normal” after last week’s… excitement. Excitement! As if the market isn’t already a fever dream of numbers flitting about with no discernible purpose. They claim no impact on the spot markets, which, conveniently, have been gaining this week. A most fortunate coincidence, wouldn’t you agree? 🤔

And then there’s the American labor market. Weak, they say. Weak! Like a damp firework. This naturally compels the Federal Reserve to lower rates again, a boon for these… *risk-on assets* such as crypto. Oh, the delightful irony! The wheels of finance grind on, crushing the hopes and dreams of sensible investors everywhere.

Concerning These Options…

This week’s batch possesses a “put/call ratio” of 1.1. One point one! Such precision. It suggests slightly more folks are prepared for the market to fall than to rise. The short sellers, naturally, are hedging their bets, because optimism is so dreadfully… unfashionable. The “max pain,” as they call it, hovers around $115,000. A pain, indeed, for those who bet wrong. My condolences. 🎻

The “open interest” – a phrase that sounds far more dignified than it is – is highest at $120,000, which equates to $2.2 billion on this “Deribit” platform. And then $140,000 with $1.9 billion, and, naturally, a fondness for $100,000 for those hoping for a swift descent. All told, a positively astronomical $49 billion in options. It’s enough to make one’s head spin… and question the meaning of everything. 💫

And now, BlackRock’s IBIT – a name that rolls off the tongue like gravel – has eclipsed Coinbase’s Derbit as the largest venue for these fanciful contracts. ETFs, you see, are “no joke.” Apparently. This Mr. Balchunas warns of “fat crypto margins in trouble.” A dire prediction, to be sure! One hopes they have secured ample supplies of chamomile tea. ☕

$IBIT has surpassed Coinbase’s Derbit platform as the largest venue for bitcoin options with $38b in open interest. I told y’all ETFs are no joke.. Fat crypto margins in trouble. Nice find by @sidharth_shukla

– Eric Balchunas (@EricBalchunas) October 2, 2025

Some poor souls at “Greeks Live” were reportedly experiencing “frustration” with the market’s “choppy” behavior. Oh, the hardship! Imagine, trying to profit from something so utterly… chaotic! It’s enough to drive a man to drink. (But not Bitcoin, naturally.)

And let us not forget Ethereum, with its 216,000 contracts worth a pittance of $987 million. Such a trifling sum! The “max pain” stands at $4,200. Altogether, this Friday’s horde of expiring options total a modest $4.3 billion. Truly, a rounding error in the grand scheme of things. 🙄

The Spot Market – A Merry-Go-Round

The markets, it seems, are concluding the week with a cheerful upward trend, with total capitalization approaching a record $4.23 trillion. A rise of 10% since last Friday! One can almost *feel* the excitement… or is that indigestion?

Bitcoin briefly flirted with $121,000 before retreating to $120,000. Such volatility! Ethereum also made a show, touching $4,500. And BNB-well, it’s now at an all-time high of almost $1,100. A veritable parade of numbers! 🎉

2025-10-03 08:17

Bitcoin Options: Will They Even Notice?

Concerning These Options…

The Spot Market – A Merry-Go-Round

Read More