Bitcoin (BTC) and Ethereum (ETH) options worth $18.1 billion will expire on Friday. According to Coinbase, Bitcoin’s open-interest put/call ratio is 0.66, with the 24-hour volume ratio at 0.37, while Ethereum’s put/call ratio is 0.61 and its 24-hour volume ratio is 0.55.
Coinbase identified $90,000 and $100,000 as key levels around which Bitcoin call open interest is concentrated, while Ethereum call interest is concentrated between $3,000 and $4,000.
$90,000 And $100,000 In Focus For Bitcoin
Coinbase highlighted $90,000 and $100,000 as key levels where Bitcoin call open interest is clustered. BTC is currently trading around $85,830, putting the $90,000 level about 4% higher and the $100,000 level about 16% higher. However, the concentrations do not mean that BTC will reach either level before expiry. Open interest does not reveal if individual traders bought or sold the call, and many positions are part of larger spreads, hedges, and market-making strategies.
Meanwhile, a put/call ratio below 1 means calls outnumber puts. The 0.37 ratio for BTC options volume suggests a substantial tilt toward calls rather than puts. Meanwhile, BTC has registered a sharp increase in the past few days. The flagship cryptocurrency rose 5.93% on Friday, crossing $80,000 and closing at $80,875. It rose 0.44% on Saturday before marginally declining to $81,159 on Sunday. Upward momentum resumed on Monday as the price rose nearly 7%, crossing $86,000 and closing at $86,594. BTC dropped to a low of $85,059 on Tuesday before settling at $86,198, and is down 0.58% during the ongoing session.
$3,000 And $4,000 Key Levels For Ethereum
Ethereum’s options are also call-heavy, although the order book is substantially smaller. Data from Deribit shows $1.34 billion in ETH call options open interest, against $820 million in puts, with call interest clustered between $3,000 and $4,000. ETH is currently trading around $2,729, down 0.49% over the past 24 hours, according to CoinMarketCap data. Like BTC, the world’s second-largest cryptocurrency has reported a substantial jump since last week. ETH traded around $2,416 on September 16, but pushed higher in subsequent sessions to cross $2,800 on September 21. A Reuters report said ETH had crossed a technical resistance level near $2,661, and identified $3,050 as a potential upside if bullish momentum persisted, with extended targets of $3,395 and $3,445.
Bitcoin And Ethereum Options To Settle At 8:00 UTC
The options expiry is part of Deribit’s quarterly expiry cycles, with the Bitcoin and Ethereum options expiring on the last Friday of March, June, September, and December at 8:00 UTC. Settlements use the relevant Deribit index, with delivery prices based on the relevant index’s time-weighted average between 7:30 UTC and 8:00 UTC. Traders and market makers adjust hedges based on the expiry size as prices move closer to key strike levels.
Deribit handles around 85% of Bitcoin and Ethereum options, making its quarterly expiries a substantial chunk of the crypto derivatives market. The platform reported $56.13 billion in Bitcoin options turnover and $7.14 billion in Ethereum options turnover during August.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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