About 85,000 bitcoin options contracts, worth around $2.3 billion, are set to expire on major cryptocurrency futures and options exchange Deribit this Friday.According to Deribit data, around 700,000 Ethereum options, valued at over $1.2 billion, are also set to expire on May 26. "This Friday a total value of USD 3.6 billion will expire, which equals approximately 26% of Deribit's open interest," the platform said in a recent tweet.
It detailed that the leading cryptocurrency, Bitcoin, has a Put Call Ratio of 0.38, indicating a higher number of positive bets.Bitcoin's maximum pain point, the point or the strike price where the largest number of options open interest will expire worthlessly, is situated at around $27,000.
This level carries significant importance, as it could act as a critical support or resistance area that intensifies price fluctuations.
The current value of Bitcoin contracts reaching expiry stands at an impressive $2.2 billion when converted to dollars. This staggering figure highlights the significance of the upcoming contract expiry and the potential impact it may have on the marketplace.Read more on cryptonews.com