- The crypto market is preparing for a big options expiry event of $10 billion.
- Derivative market traders turned bearish as Bitcoin dropped below the $100k mark this week.
Bitcoin’s (BTC) market is preparing for a massive options expiry, a significant event will occur on Friday, which means today. This week’s option expiry event is big because of the month’s end.
Approximately 80,000 BTC option contracts will expire, valued at $8.36 billion, making it a big deal. However, there is no reason to worry as the crypto derivative market doesn’t impact the spot market that much.
This week there are more call options compared to put options, which implies there are many traders who are bullish on BTC. Bitcoin options contracts contain a put-to-call ratio of 0.68.
As per the Derbit report, after the Bitcoin price dropped below the $100k mark this week, the short-term traders turned bearish and bought more put options. While the long-term traders looked optimistic buying call options.
Besides Bitcoin, 600,000 Ethereum contracts were also expiring today, which have a put/call ratio of 0.43, valued at $1.95 billion. When combining Bitcoin and Ethereum option expiry values, it amounts to $10.3 billion.
Broder Crypto Market Overview
As per the CoinMarketCap data, the broader crypto market is looking neutral, with the overall market cap up by 0.07% stands at $3.56T.
However, Bitcoin is reflecting a mildly bearish sign as it is down by almost 1.01% in the last 24 hours. At the time of writing, it is trading at the value of $104,236.96, with a market cap of $37.53 billion. Furthermore, its 24-hour trading volume also declined by 29.14%.
Moreover, the meme sector is also in the red zone. Its total market cap is down by 1.07% and stands at $92.02 billion. However, the AI sector took a sharp rebound with a 2.35% spike in its market cap, which currently stands at $45.07 billion.
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