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NEARLY $3 BILLION IN BITCOIN AND ETHEREUM OPTIONS EXPIRE TODAY AMID MIXED MARKET
SENTIMENT

2 mins
By Lockridge Okoth
6 December 2024, 06:11 GMT+0000
Updated by Daria Krasnova
6 December 2024, 06:11 GMT+0000
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IN BRIEF

 * Bitcoin and Ethereum options worth $2.87 billion expire today, creating
   anticipation of heightened volatility.
 * BTC’s put-to-call ratio of 1.11 suggests traders hedging against declines;
   ETH's 0.63 indicates bullish sentiment.
 * Overleveraged positions and profit-taking near $100,000 BTC levels contribute
   to recent price corrections.
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Today, approximately $3 billion worth of Bitcoin (BTC) and Ethereum (ETH)
options are set to expire, creating significant anticipation in the crypto
market.

Expiring crypto options often leads to notable price volatility, prompting
traders and investors to monitor today’s developments closely.


$2.87 BILLION BITCOIN AND ETHEREUM OPTIONS EXPIRING

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According to Deribit’s data, 23,481 Bitcoin contracts, with a notional value of
approximately $2.29 billion, are set to expire today. Bitcoin’s put-to-call
ratio is 1.11. The maximum pain point — the price at which the asset will cause
financial losses to the greatest number of holders — is $97,000.Here, most
contracts will expire worthless.

Bitcoin Options Expiration. Source: Deribit

Based on this, analysts at Greeks.live explained the current state of the crypto
market through its official account on X (formerly Twitter).

> “Bitcoin managed to hit $100,000 from zero in a decade which created a legend.
> Trump tweeted his congratulations, taking crypto from geek to mass. Near the
> end of the week, a sharp downward shot cleared a wave of leverage, other coins
> didn’t follow suit. The long side of the overall crypto market is very
> strong…market sentiment is very optimistic with solid long forces in the spot
> bull market,” Greeks.live noted.

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Nevertheless, it is impossible to ignore that high funding rates for leveraged
contracts, which suggest overextended bullish bets, increase the likelihood of a
market pullback. This aligns with BeInCrypto’s recent report, which highlighted
that Bitcoin options traders are hedging against potential declines. There is
growing interest in put options.

Bitcoin’s put-to-call ratio remains above 1, signaling a predominantly bearish
sentiment. In contrast, Ethereum’s put-to-call ratio sits at 0.63, indicating a
generally bullish market outlook for ETH.

Expiring Ethereum Options. Source: Deribit

Based on Deribit data, over 148,733 Ethereum contracts will expire today. These
expiring contracts have a notional value of approximately $581 million, with a
maximum pain point of $3,500. Ethereum has seen a modest increase of 0.73% since
Friday’s session opened, to trade at $3,902 as of this writing.


BITCOIN OPTIONS TRADERS HEDGING AGAINST POTENTIAL DECLINES

Recently, Bitcoin established a local top around the $104,000 level. However, it
has corrected to trade for $97,693 as of this writing.

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The rapid decline appears to be driven by several factors. Among them is an
overleveraged market, where many traders were using borrowed funds to bet on
BTC’s price increase.

This caused massive liquidations when the price dropped. Profit-taking after the
$100,000 milestone also contributed to the correction. Massive sell orders
around the $110,000 threshold may also have triggered profit booking.

According to analysts at Greeks.live, nearly two weeks of options market data
have shown caution among market makers. The impact of BTC shattering the
$100,000 milestone, coupled with the latest retracement, caused short-term
implied volatility (IV) to increase significantly.

> “…market makers are avoiding exposure to expose exposure to the market. The
> probability of the market continues to be extremely bullish now,” they added.

As these Bitcoin and Ethereum options contracts near expiry, the prices are
likely to draw towards their maximum pain levels. Nonetheless, markets must
remember that the option expiration’s impact on the underlying asset’s price is
short-term. Generally, the market will return to its normal state thereafter and
compensate for strong price deviations.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to
unbiased, transparent reporting. This news article aims to provide accurate,
timely information. However, readers are advised to verify facts independently
and consult with a professional before making any decisions based on this
content. Please note that our Terms and Conditions, Privacy Policy,
and Disclaimers have been updated.

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Lockridge Okoth
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Lockridge Okoth is a journalist at BeInCrypto, focusing on prominent industry
companies such as Coinbase, Binance, and Tether. He covers a wide range of
topics, including regulatory developments in decentralized finance (DeFi),
decentralized physical infrastructure networks (DePIN), real-world assets (RWA),
GameFi, and cryptocurrencies. Previously, Lockridge conducted market analysis
and technical assessments of digital assets, including Bitcoin and altcoins such
as Arbitrum, Polkadot, and...
Lockridge Okoth is a journalist at BeInCrypto, focusing on prominent industry
companies such as Coinbase, Binance, and Tether. He covers a wide range of
topics, including regulatory developments in decentralized finance (DeFi),
decentralized physical infrastructure networks (DePIN), real-world assets (RWA),
GameFi, and cryptocurrencies. Previously, Lockridge conducted market analysis
and technical assessments of digital assets, including Bitcoin and altcoins such
as Arbitrum, Polkadot, and...
READ FULL BIO
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