Crypto
Bitcoin Options Worth $6.4 Billion Expire as Prices Near $80,000
Bitcoin options worth $6.4 billion expired on Friday as prices hovered near $80,000.
The expiry cleared about 81,700 contracts at Deribit, with much of the positioning built before Bitcoin's rally from around $62,000.
Thursday saw the rally push BTC directly into large concentrations of bets at $75,000 and $80,000, while the max-pain level sat lower around $68,000-$70,000.
The settlement removes those expiring positions from the market, making the next distribution of open interest more useful in showing where traders are placing bets after Bitcoin's move toward $80,000 rather than before it.