$1.6B Worth of Bitcoin and Ethereum Options Expiring Today, BTC Priced at $61K, ETH at $2.4K

A total of $1.1 billion worth of Bitcoin ($BTC) options are set to expire today, October 11, 2024, while an additional $510 million worth of Ethereum ($ETH) options contracts are to expire as well

A total of $1.1 billion in Bitcoin (BTC) options are set to expire on October 11, 2024, along with an additional $510 million in Ethereum (ETH) options contracts, which could lead to some turbulence in the cryptocurrency market, especially considering the recent $1.3 billion earthquake.

These contracts, which expire today and represent 18,000 BTC and 212,000 ETH, could trigger increased volatility in the coming days, with a combined notional value of nearly $1.6 billion. According to analysts at Greeks.live, the put-to-call ratio for Bitcoin options contracts is 0.91, indicating a preference for put options, which give holders the right but not the obligation to sell BTC at a predetermined price.

The analysts noted that the “maximum pain point” for Bitcoin, which is the price at which most options contracts would expire worthless, is at $62,000. They also stated that Ethereum options have a put-to-call ratio of 0.4, with a “maximum pain point” at $2,450.

11 Oct Options Data

18,000 BTC options are expiring with a Put Call Ratio of 0.91, Maxpain point of $62,000 and notional value of $1.1 billion.

212,000 ETH options are about to expire with a Put Call Ratio of 0.4, Maxpain point of $2,450 and notional value of $510 million.

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Bitcoin is currently trading at around $61,000 per BTC at the time of writing, following a significant sell-off earlier this month, which saw it drop from around $64,000 to a low of $60,000, from which it is currently recovering.

Meanwhile, Etheruem is at $2,400 after rising 1.7% over the past week as the broader cryptocurrency market recovers. According to analysts at Greek.live, a “market change could be just around the corner,” as Ethereum’s $2,300 support line and Bitcoin0’s $60,000 level have been contested multiple times.

As reported by CryptoGlobe, over the past three days, large Bitcoin holders, known as whales, have “sold or redistributed” around 30,000 BTC, or more than $1.8 billion, of the flagship cryptocurrency.

The sell-off aligns with a recent prediction, which suggests that Bitcoin could soon go “full bull” in a renewed rally, potentially pushing the cryptocurrency past the $80,000 mark. However, before that happens, the cryptocurrency could experience capitulation, driving BTC below the $50,000 level.

The featured image is from Pixabay.

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