Bitcoin Options Expiration Looms with $6.4 Billion at Stake
A significant Bitcoin options expiration event is set to occur on April 28th at 5 p.m. local time, with approximately $6.4 billion in notional value tied up in 81,700 BTC expiring simultaneously on Deribit.
The market attention is focused on the direction of Bitcoin's price following its recent sharp rally from around $62,000 to $80,000 in just one week, which has pushed a large number of call options into profitable territory.
According to Deribit Metrics data, the notional value of the options expiring in this cycle reaches approximately $6.44 billion, with call options totaling around 44,600 contracts and put options standing at roughly 37,100, yielding a put/call ratio of 0.83.
Shaun Fernando, Chief Risk Officer at Deribit, described this expiry as 'an interesting event to watch' and noted that the recent price rally has significantly expanded the exposure that market makers must manage through gamma hedging.