Bitcoin Faces Massive Options Expiry Test Worth $6.36 Billion

Bitcoin's price has been hovering near $80,000 as it faces a massive $6.36 billion options expiry test today.

The expiry carries a 0.85 put/call ratio, meaning calls are slightly ahead of puts across outstanding contracts.

This setup could leave the OG cryptocurrency vulnerable to large moves as traders close, roll or hedge positions.

Bitcoin has gained more than $16,000 in less than a week, moving from a break above $65,000 to more than $81,000 before pulling back.

The options event is seen as capable of producing 'sharp price swings' in either direction.