Friday is the expiration day for many Bitcoin options, and open interest currently stands at around $700 million. Cryptocurrency markets have been moving higher during the week, but are they about to rise over the weekend?
About 15,100 Bitcoin options contracts will expire on February 9. This week's expiry event is much smaller than last week's, but can still have an impact on spot market momentum.
Bitcoin options expiration
The notional value of the pool of Bitcoin options contracts expiring on Friday was $700 million, according to Derebit. The call/put ratio is 0.82, which means that there are slightly more calls or long contracts being sold as puts or short contracts.
The notional value of today's expiration event is $700 million. Furthermore, there is still a lot of open interest at the $50,000 strike price, with 15,447 call contracts at that level. Its notional value is $714 million, according to Derebit.
Additionally, there are now 11,600 call contracts with a strike price of $60,000, indicating that derivatives traders are bullish.
Earlier this week, Greens Live noted:
“A huge block has been traded that could drive the next phase of the market.”
He added that the whale,
“Big bet that February will see a big shock of 10% or more, but not sure of the direction, which is relatively rare in whale investing.”
Read more: How to Trade Bitcoin Futures and Options Like a Pro
In addition to the Bitcoin options expiring today, 193,000 Ethereum contracts will also expire. It has a nominal value of $473 million and a buy/sell ratio of 0.39, according to Derebit.
There is open interest of $450 million at the strike price of $2,400, which was reached in the spot markets on February 8.
Crypto market forecast
Cryptocurrency markets ended the week in the green with a 2.5% gain on the day, bringing total capital to $1.83 trillion.
Bitcoin leads the pack in terms of gains with 3.3%, and the asset surpassed $46,000 during the Asian trading session on Friday morning. However, it encountered resistance at this level and has fallen to $45,969 at the time of writing.
Ethereum prices were unchanged on the day, with the asset trading for $2,444 during the Asian session on Friday morning.
Altcoins are a mixed bag at the moment, with Cardano (ADA), Litecoin (LTC), and Immutable (IMX) making gains. However, TRON (TRX) and Chainlink (LINK) are in the red at the moment.
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