Billions of Dollars in Crypto Options Set to Expire
Billions of dollars in Bitcoin and Ethereum options are set to expire on Friday. The combined total comes out to $18.1 billion, according to Coinbase. The exchange reports that Bitcoin's open-interest put/call ratio is 0.66, while its 24-hour volume ratio stands at 0.37.
This means calls outnumber puts in the market for both cryptocurrencies. A substantial tilt towards calls rather than puts has been observed, particularly with regards to BTC options volume. The flagship cryptocurrency rose nearly 7% on Monday and is currently trading around $85,830.
Ethereum's options are also call-heavy, although its order book is smaller. Data from Deribit shows ETH call options open interest at $1.34 billion against $820 million in puts, with key levels for Ethereum clustered between $3,000 and $4,000. ETH is currently trading around $2,729.
The expiry of these options will have a significant impact on the market. Traders and market makers are adjusting their hedges as prices move closer to key strike levels. The platform reported $56.13 billion in Bitcoin options turnover and $7.14 billion in Ethereum options turnover during August.