$6.4 Billion in Bitcoin Options Expires Friday Amid Market Catalysts
A $6.4 billion batch of Bitcoin options expires on Friday, which could have a significant impact on the cryptocurrency's price. Deribit, a leading cryptocurrency derivatives exchange, reports that this amount represents close to a fifth of its total Bitcoin open interest expiring in a single session.
The majority of these contracts are far out of the money and will expire without any settlement at all. However, traders are watching the strikes carrying the heaviest open interest, which are $75,000 and $80,000.
New Market Trading CEO Frank Hepworth downplayed the significance of the expiry, stating that 62% of Friday's contracts are on track to expire worthless. He also noted that September's expiry is already shaping up to be nearly twice the size.