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Options worth $8.9 billion on BTC and ETH expired today
Will this clash with the market? Many wondered.
A large batch of Bitcoin (BTC) and Ethereum (ETH) options, with a notional value estimated at approximately $8.7 - $8.9 billion across both assets, has expired.
This was a monthly expiration event that represented a significant part—about 20%—of the total open interest in digital asset derivatives. Whether this is negative or positive for the market depends on the context. It is not necessarily bearish or bullish, but it often causes short-term volatility rather than a clear directional move. Here's a breakdown: why expirations can cause volatility— as options expire, market makers and traders unwind hedges (delta/gamma adjustments), which can lead to amplified price swings, liquidations, or "pinning" near certain strike prices. Large expirations like these increase the intensity of turbulent movements, tricks, or sudden surges/drops in the hours around settlement.
WILL THIS CLASH THE MARKET ? Many wondered.
A large batch of Bitcoin (BTC) and Ethereum (ETH) options expired, with the notional value reported around $8.7 - 8.9 billion across BTC & ETH.
This was a monthly expiry event representing a significant portion (about 20%) of total open interest in crypto derivatives.Whether this is negative for the market depends on context. it's not inherently bearish or bullish, but it often introduces short-term volatility rather than a clear directional move. Here's a breakdown:Why expiries can cause volatility: As options expire, market makers and traders unwind hedges (delta/gamma adjustments), which can lead to amplified price swings, liquidations, or "pinning" near certain strike prices. Large expiries like this amplify choppy action, fakeouts, or sudden pumps/dumps in the hours around settlement.
$BTC $ETH