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Bitcoin Bulls Grab Market As Friday’s $1.7B monthly Options Expiry Remain Within Green Territory

Anifowoshe Ibrahim by Anifowoshe Ibrahim
2 years ago
in Bitcoin, Bitcoin News
0
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After spending weeks ranging within $30k, the bulls’ edge in this month’s $1.7 billion options expiry was strengthened by Bitcoin’s climb past $40,000.

A total of 42,850 Bitcoin (BTC) option contracts worth $1.7 billion are slated to expire on Friday, July 30. Bulls may be able to benefit from the $40,000 call (buy) options for the first time since the weekly expiry on May 21.

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The most recent price spike may have been triggered by speculations that Amazon will accept cryptocurrency payments, but once the e-commerce giant denied the rumours, BTC has remained pretty stable.

Regardless of the rationale for the recent market strength, according to options markets, bulls have a few incentives to keep the $40,000 level.

Aggregate July 30 Bitcoin option open interest by strike. Source: Bybt.com

While the call-to-put ratio favors neutral-to-bullish call options by 21%, a large portion of those bets were placed at $45,000 and above strikes. With fewer than 14 hours to maturity, these options are almost worthless.

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Related article | Bitcoin Bounces as $6.4B in Options Expire, Institutional Buying Slows Down: What’s Next?

Bulls Maintain Market Stronghold

For the monthly expiry, bears were overconfident, and 87 percent of neutral-to-bearish put options were placed at $39,000 or lower. A total of $105 million in put options will be available if bears can keep the price below this level on July 30.

Meanwhile, $320 million is invested in neutral-to-bullish call options below $39,000. As a result, the neutral-to-bullish call options have a $215 million advantage.

If the price stays above $40,000 on July 30, the bulls will have a $140 million lead. This difference appears to be sufficient to justify a price push over that level, at least until Deribit expiry.

BTC futures worth a total of $650 million are slated to expire this Friday, although the amount will be mostly determined by the CME’s $455 million, as traders may close their positions before the expiry, which takes place at 3:00 p.m. UTC.

The options market data currently supports bulls, at least for the time being.

BTC/USD slumps back below $40k. Source: TradingView

Related article | Bitcoin Plunges Despite Tesla Boost Ahead of Record Options Lapse

Featured image from iStockPhoto, Charts from TradingView.com and Bybit
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Anifowoshe Ibrahim

Anifowoshe Ibrahim

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