Ethereum

bullish

2024

Bitcoin

Approximately 28,000 Bitcoin options contracts are expiring on Friday, Nov. 1, with a notional value of around $2 billion.
Today’s options expiry is much smaller than last week’s <a href="https://cryptopotato.com/how-will-crypto-markets-move-when-4-2b-bitcoin-options-expire-today/" data-wpel-link="internal" rel="noopener noreferrer nofollow">month-end event</a>, which saw more than double the value of BTC options expiring. Therefore, its impact on spot markets is likely to be muted.
<h2 id="bitcoin-options-expiry">Bitcoin Options Expiry</h2>
This week’s tranch of Bitcoin options contracts, the first in November, has a put/call ratio of 0.92. This means that long (calls) and short (puts) contract expiries are more evenly distributed. The max pain point of today’s batch is $69,000, which is pretty close to current spot prices.
Additionally, open interest (OI), or the value or number of open options contracts yet to expire, has surged to $1.3 billion at the strike price of $80,000, <a href="https://www.deribit.com/statistics/BTC/metrics/options" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">according</a> to Deribit.
This week, the head of derivatives at Arbelos Markets, Joshua Lim, <a href="https://x.com/joshua_j_lim/status/1851644268445659313" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">observed</a> that CME Bitcoin options experienced some of the largest volume days ever ahead of the US election.&nbsp;He said there were large contract buys for the $85,000 strike price, which is “very bullish positioning into the election,” before adding that it was “great to see institutions sizing up like this on CME.”
<blockquote>
 “Perhaps a good sign that there is and will be growing liquidity in the crypto derivatives markets as the asset class matures.”
</blockquote>
<blockquote class="twitter-tweet">
 1 Nov Options Data 28,000 BTC options expired with a Put Call Ratio of 0.92, a Maxpain point of $69,000 and a notional value of $1.97 billion. 137,000 ETH options expired with a Put Call Ratio of 0.69, a Maxpain point of $2,550 and a notional value of $350 million. Bitcoin hit… <a href="https://t.co/skJ4ofhpOk" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/skJ4ofhpOk</a>
 — Greeks.live (@GreeksLive) <a href="https://twitter.com/GreeksLive/status/1852193809301672429?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">November 1, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
In addition to today’s Bitcoin options, there are around 137,000 Ethereum options contracts ready to expire with a put/call ratio of 0.68, a max pain point of $2,550, and a notional value of $350 million. This brings Friday’s combined crypto options expiry notional value to around $2.3 billion.
<h2 id="crypto-market-outlook">Crypto Market Outlook</h2>
Around $100 billion has been dumped from total crypto market capitalization over the last 24 hours, dropping it to $2.43 trillion in a 5.5% slump.
<a href="https://cryptopotato.com/bitcoin-dominance-skyrockets-to-3-5-year-high-as-btc-maintains-72k-market-watch/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> flirted with its all-time high on Oct. 30 but failed to breach it and move into new price discovery. It has since corrected by 4% briefly slipping below $69,000 during the Friday morning Asian trading session.
Ethereum topped out at $2,700 but could not find any more momentum and has since retreated back to $2,500.
Moreover, most of the altcoins have <a href="https://cryptopotato.com/as-bitcoin-nears-record-highs-500b-missing-from-altcoin-markets/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">remained lethargic</a> all week, failing to follow Bitcoin’s big move, and most of them are deep in the red this Friday morning.
The post <a href="https://cryptopotato.com/will-crypto-markets-recover-when-2b-bitcoin-options-expire-today/" rel="noopener noreferrer nofollow">Will Crypto Markets Recover When $2B Bitcoin Options Expire Today?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Will Crypto Markets Recover When $2B Bitcoin Options Expire Today?

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