Bitcoin's $16 billion quarterly options settlement arrives with a 'call-heavy' book
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Bitcoin BTC $84,051.42 and ether’s ETH $2,680.02 quarterly options expiries hit Friday, both multi-billion-dollar events, with positioning stacked in bullish plays.
Key facts
- Roughly $15.9 billion in bitcoin options and $2.1 billion in ether options expire at 8:00 UTC., according to Deribit CEO Luuk Strijers
- If the laptop’s price jumps to $1,200, you exercise your right and effectively save $200 (minus your $100 token)
- Bitcoin BTC $84,051.42 and ether’s ETH $2,680.02 quarterly options expiries hit Friday, both multi-billion-dollar events, with positioning stacked in bullish plays
- Open interest is heavily concentrated at the $85k, $90k, $95k, and $100k call strikes, underscoring the ongoing influence of large 85k/90k/95k/100k call condor blocks that are now coming directly
Summary
Bitcoin’s $16 billion quarterly options expiry could remove a key source of buying pressure and trigger fresh volatility after settlement on Friday. More than half of the expiry’s $9.4 billion in bitcoin call notional is in the money, while puts are almost entirely underwater. Bitcoin’s rally through $80,000-$87,000 may have been amplified by dealer hedging, a source of buying pressure that could fade after settlement. Roughly $15.9 billion in bitcoin options and $2.1 billion in ether options expire at 8:00 UTC., according to Deribit CEO Luuk Strijers.