Bitcoin Faces $16 Billion Options Expiry, Key Tests Ahead

Friday marks the expiration of nearly $16 billion in Bitcoin options on Deribit, with calls accounting for about $9.6 billion and puts for around $6.4 billion.

Mauricio Di Bartolomeo, co-founder of Ledn, views this as the second half of an expiry cycle that began on Wall Street, where quarterly expirations like September's are a two-act event.

The book is heavily tilted toward calls, and Di Bartolomeo expects Deribit to inherit the same setup. 'If the move continues, the large call blocks at $85,000 and $100,000 are where the same dynamic kicks in on the Deribit book,' he said.

ByKaranteli's open-source gamma model places the largest call wall at $95,000 and the largest put wall at $60,000. It also puts the put-to-call ratio at 0.52 and the zero-gamma level near $71,000.