Bitcoin Options Expiration

The crypto market is preparing for an expiration event for around 23,000 Bitcoin options on May 3, with an estimated value of $1.4 billion.

During the week, the cryptocurrency market witnessed a noticeable decline, but signs of recovery began to appear by the end of trading yesterday, May 2.

Despite this, Bitcoin price is still trading below the $60,000 level, and market sentiment is leaning towards the negative in the short term.

Bitcoin options expiration:

Options expiring today have a put/call ratio of 0.49, meaning there are twice as many call options as put options.

The maximum pain for these options is $61,000, which is slightly above current market prices and indicates the price at which maximum losses are likely to be realized when the contracts expire.

According to Deribit, there remains significant interest in options contracts with strike prices exceeding $70,000, including $661 million in open interest with a strike price of $100,000, although the chances of the Bitcoin price reaching this level soon appear slim given the current market situation. .

Considering the total market value of the crypto market, it can be said that the market is witnessing an improvement of 3%, reaching a valuation of $2.22 trillion.

At the same time, the price of Bitcoin rose by a similar percentage, reaching around $59,200, without regaining the psychological level of $60,000.

At the same time, the price of Ethereum jumped, trying to recover the $3,000 level after gaining 2% during the day.