Prime

Bitcoin

Rekt

The Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) price remained above the $69,000 mark on March 29 despite the market experiencing the biggest quarterly Bitcoin futures options expiry event in history.
Hao Yang, the global head of derivatives trading at Bybit exchange, told Cointelegraph:
<blockquote data-ct-non-breakable="true">
 “We have experienced the largest option expiration in history for Bybit and Deribit as well. People may roll over or unwind their hedging position during the expiration time, and the action of unwinding may have a small impact on the price movement in the very short term.”
</blockquote>
Over $15.1 billion worth of cryptocurrency futures options expired on Deribit on March 29 at 8:00 am UTC, <a href="https://twitter.com/DeribitExchange/status/1773312730855829895" target="_blank" rel="noopener nofollow">according</a> to a March 28 <a href="https://twitter.com/DeribitExchange/status/1773312730855829895" target="_blank" rel="noopener nofollow"></a>X&nbsp;post by Deribit.
Of the $15.1 billion, $9.53 billion represented the notional value of Bitcoin options expiring at a put/call ratio of 0.84, with a “max pain” price potential of $51,000.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/f2b09977-b680-48b2-a986-dad144d2e8b8.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC options: Open interest by strike price. Source: <a href="https://twitter.com/DeribitExchange/status/1773312730855829895/photo/1" target="_blank" rel="noopener nofollow">Deribit</a>
 </figcaption>
</figure>
While options expiry can lead to heightened volatility, the max pain price point doesn’t offer an accurate reflection of Bitcoin’s long-term price potential, which is still tied to its fundamental values,&nbsp; Yang explained:
<blockquote data-ct-non-breakable="true">
 “Just as a fancy gaming PC case doesn’t directly impact the performance of the hardware inside, max pain is an indicator that provides some insight but ultimately has limited influence on the actual price movement of Bitcoin.”
</blockquote>
Related: <a href="https://cointelegraph.com/news/9-4-billion-bitcoin-options-expire-friday">Max pain $51K? Bitcoin options worth over $9.4B set to expire Friday</a>
Despite the expiry, the price impact was minimal, said Andrey Stoychev, project manager at Nexo’s prime brokerage division. He told Cointelegraph:
<blockquote data-ct-non-breakable="true">
 “With the current scenario where calls are substantially in the money while puts are converging to zero, delta hedging has largely concluded, and we anticipate minimal price impact from the expiry. However, the pivotal question remains: will the call profits be reinvested into new contracts, and if so, what strikes and maturities will be favored?”
</blockquote>
<h2 data-ct-non-breakable="true" id="the-pre-halving-bitcoin-correction-may-be-over">The pre-halving Bitcoin correction may be over</h2>
Bitcoin price fell 0.7% in the 24 hours leading up to 10:35 am UTC to trade at $69,924, <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data. The world’s first cryptocurrency is up over 11.9% on the monthly chart.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/fa306d7e-940c-44fb-89d0-6d851a6d418d.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USDT/ 1-day chart. Source: CoinMarketCap
 </figcaption>
</figure>
Bitcoin’s historic <a href="https://cointelegraph.com/news/bitcoin-halving-2024">pre-halving</a> retracement occurred in line with previous historical retraces. The current pre-halving correction may be over if Bitcoin price can flip its old all-time high of $69,000 into support, <a href="https://www.youtube.com/watch?v=44kPaE6umxM" target="_blank" rel="noopener nofollow">said</a> Rekt Capital in a March 26 video analysis:
<blockquote data-ct-non-breakable="true">
 “Bitcoin is now peaking beyond this old all-time high, potentially positioning itself for this pre-halving retracement to be over.”
</blockquote>
Related: Bitcoin Halving: <a href="" target="_blank">Latest News and Full Coverage by Cointelegraph</a>

Bitcoin trades above $69K following largest quarterly options expiry in history

Table of Contents

Cointelegraph

Other articles published on Mar 29, 2024

Small Investment, Massive Growth – The Next 500% Altcoin Opportunity

Ripple Partnerships Continue to Surge with ACI Worldwide, Wil XRP Price Follow?

Bitcoin Price Likely To Rally 12% In April, Top Analyst Predicts

Panda Swap Price Prediction: PANDA Skyrockets 115% As Experts Predict Solana Meme Coin Slothana I...

Filecoin (FIL) Price Prediction: 100x Rally on Cards by 2025

Pixelverse to Launch On Raiser.co, Immersing The New Wave Of Web3 In A Cyberpunk Universe

Join our free newsletter for daily crypto updates!