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$5 Billion Bitcoin Ethereum Options Expire
Deribit, one of the biggest crypto derivatives platform, stated the options expired earlier today.
Himanshu S.
3:05 25th Mar, 2022
Markets

A huge quarterly expiry for bitcoin and eth had the price of both go up in a reversal for once as bears presumably get rekt.

Deribit, one of the biggest crypto derivatives platform, stated the options expired earlier today at 8AM UTC.

72k BTC contracts (pictured) with notional value of $3 billion and 728k ETH contracts with notional value of $2.2 billion expired, the exchange said.

Making it one of the biggest options expiry ever, totaling more than $5.2 billion of winners (the bulls) and losers (da bears).

CME bitcoin futures, March 2022

It’s the last Friday of the month so Wall Street’s CME bitcoin paper futures also expire later today at 4PM London time.

Volumes here have also ballooned at 106,520 bitcoin equivalent contracts exchanging hands on Tuesday, worth some $4.8 billion in just one day.

Sometime bitcoin dips by 5%-10% earlier in the week of the expiry in anticipation of contract closures.

This week it has gone up after a few months of keeping to that dip rule. Does it tell us something?

From observation, only time we can recall it reverse dipping is sometime in the later months of 2020 when bitcoin was turning bull.

That doesn’t necessarily have any predictive powers however, but a lot of contracts will have to close and renew. During that closure, they can put some pressure, opening the way for much buying after the expiry.

A closure with the pressure being up when much renewal buying is still to be expected after expiry is potentially a marvel.

But, anything can happen, except where probabilities are concerned green clearly seems to be ruling this spring.

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