Bitcoin (BTC) and Ethereum (ETH) options worth a combined $3.12 billion are set to expire today, potentially impacting market trends.
As Bitcoin remains below the $100,000 threshold, market watchers are keen to see if the billion-dollar-plus notional value expiry will influence the price.
The notional value of expiring Bitcoin options is $2.56 billion, with data from Deribit showing 26,251 expiring Bitcoin options.
The put-to-call ratio stands at 0.57, indicating a prevalence of purchase options (calls) over sales options (puts).
The maximum pain point for these options is $99,500, representing the price at which the greatest number of holders would face financial losses.
Alongside Bitcoin, 204,376 Ethereum options contracts are expiring today, with a notional value of $557.04 million. These options have a put-to-call ratio of 0.46 and a maximum pain point of $2,950.
Comparing this to last week’s data, there is a significant decrease in the number of expiring options. Last week featured 80,179 BTC options and 603,426 ETH options, contributing to a cumulative expiration surpassing $10 billion.
Total market capitalization has fallen just below 2% on the day to $3.3 trillion, remaining within the lower bounds of a range-bound channel that formed in mid-November.
Bitcoin dipped below $96,000 in an intraday low during late trading on Thursday but managed to recover slightly, reaching $97,400 during the Friday morning trading session. The asset has been in a downtrend over the past week, losing 7% since the same time last week.
Solana (SOL) registered a 3.59% drop to $194.27, trading between $188.17 and $203.89 in the past 24 hours.