BlackRock's Big Move and Bitcoin's $16B Expiry Test
Bitcoin is facing a significant options expiry on Friday, September 25, with nearly $16 billion in contracts set to expire. The largest number of call options are placed at $90,000 and $100,000, which may seem bullish but could be a red herring. Unless the price surges above these levels, the calls offer little immediate support for a bullish reading.
The 'max pain' price, around $76,000, is also being watched by traders as it represents the point at which options holders would lose the most value. However, this figure does not account for all market forces and can change before expiry.
BlackRock has made a significant move in the crypto space, partnering with Ondo Finance to launch three on-chain investment portfolios based on strategies developed by the asset manager. These portfolios are available only to eligible investors outside the United States and offer a new way to access established financial products using blockchain technology.