The cryptocurrency market is trying to maintain the upward momentum it gained last week. Exceeding the $31,000 level, Bitcoin recently broke the price record of 2023. For the next week, eyes are turned to options that will expire on Friday.
According to the data, $ 6.8 billion BTC and ETH options will expire this week. In addition to weekly contracts, quarterly or quarterly options will expire as of 11:00 am this Friday.
On the Deribit exchange, which controls 85% of the option transactions, 150,000 Bitcoins will expire on this date alone. According to the data, calls make up a large part of these contracts. A similar situation prevails in contracts with 1.4 million ETH.
According to the data, quarterly positions account for more than 40% of this market in both BTC and ETH.
Amberdata’s head of derivatives, Greg Magadini, stated that this situation could cause a big move. In his latest report, Magadini underlined that a big rise can be experienced with a small spot movement:
“This positive flow greatly influences the positions of the investors. We could see the biggest negative gamma we’ve ever watched before Friday. With a little spot movement, we can witness fireworks.”
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