As a seasoned researcher with over two decades of experience in the financial markets, I have witnessed countless expiry events and market surges. Today, I find myself standing at the precipice of another significant milestone – the expiration of 29,000 Bitcoin options contracts, worth a staggering $2.84 billion.
Approximately 29,000 Bitcoin option agreements, with an estimated total worth of about $2.84 billion, are due to expire on Friday, November 22nd.
Today’s expiration for options sees a somewhat reduced impact compared to the previous week, yet the cryptocurrency spot market is experiencing a surge. Notably, various assets have reached their highest prices so far.
A huge $9 billion expiry event will occur at the end of the month, next Friday.
Bitcoin Options Expiry
This week’s collection of Bitcoin options is unusual because there are more short (put) contracts about to expire than long (call) ones. In other words, more traders are betting that the price will fall rather than rise. The point where the most potential losses could occur, known as the “max pain,” is set at around $86,000. This is significantly lower than the Bitcoin’s all-time high of $99,000, which was reached early on Friday morning.
The value or quantity of options contracts that haven’t yet expired, known as Open Interest (OI), is most substantial at the strike price of $100,000, amounting to approximately $2.2 billion, as reported by Deribit.
The crypto derivatives company, Greeks Live, noticed the significant surge of Bitcoin approaching six-digit figures and Ethereum showing signs of activity after a period of inactivity.
It also commented on this week’s launch of spot Bitcoin ETF options for BlackRock’s IBIT fund, adding, “There is a significant inflow of US money into ETFs, and the spot bull market is being strongly driven by a number of favorable factors.”
Currently, the overall feeling about the market is incredibly positive. A potential drop in Bitcoin’s price seems less likely right now because of the widespread market surge.
22nd November marks the expiration date for 29,000 BTC options, featuring a Put-Call Ratio of 1.1, maximum pain point at approximately $86,000, and an overall value of around $2.84 billion. In comparison, 164,000 ETH options are also set to expire, boasting a lower Put-Call Ratio of 0.65, a maximum pain point of roughly $3,050, and a notional value of about $550 million.
— Greeks.live (@GreeksLive) November 22, 2024
164,000 Ethereum contracts are due to expire today, amounting to approximately $550 million in total value. The maximum potential loss (or “max pain”) is set at $3,050 per contract, and there’s a put/call ratio of 0.65, which means that slightly more call options than put options have been traded so far. With today’s Bitcoin options expiry included, the combined notional value of all crypto options expiring today is estimated to be around $3.4 billion.
Crypto Market Surges to ATH
On November 22nd, the combined worth of all cryptocurrencies reached an unprecedented high of $3.43 trillion as numerous record-breaking values were achieved.
As a researcher observing the cryptocurrency market, I’m excited to note that Bitcoin surged ahead yet again, touching an all-time high of $99,261 during the morning trading session in Asia this Friday. Over the past week, its value has risen by 12%, and since Donald Trump won the US presidential election, it has climbed more than 40%. This significant growth is certainly noteworthy for anyone following the digital currency market.
As an analyst, I observed a notable surge in Ethereum’s value today, with a gain of approximately 9%. This peak reached an impressive figure of $3,375. However, despite this upward momentum, Ethereum encountered significant resistance levels above it. Interestingly, its counterparts like Solana and XRP appeared to be pushing harder, showing more substantial gains on the same day.
This week, the president of ETF Store, Nate Geraci, highlighted several positive occurrences that have boosted the optimism surrounding digital assets:
So far this week…
-Options trading approved for spot btc ETFs
-Spot btc ETF assets cross $100bil
-SEC Chair Gary Gensler stepping down
-Schwab CEO says will get involved in spot crypto
-19b-4s filed for 4 spot Solana ETFs
-Btc price nearing $100k
That’s in four days.
— Nate Geraci (@NateGeraci) November 22, 2024
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2024-11-22 10:35