October 4 BTC Expiry: 17,400 Bitcoin Options Contracts Expire Today, Impact on Spot Markets Limited

October 4 BTC Expiry: Deribit Data Reveals Strong Bitcoin Options Interest at $70K and $100K Strike Levels

Almost 17,400 contracts for Bitcoin options are set to expire on Friday, October 4. These contracts have an approximate notional value of $1 billion. The magnitude of today’s options expiry in comparison to the significant end-of-quarter and end-of-month events last week suggests that it won’t have a significant effect on the spot markets, which have been falling this week.

For this week’s Bitcoin options contract tranche, the put/call ratio is 0.75. Put differently, there are somewhat more long (call) contracts expiring than short (put) contracts. Additionally, the value of open interest (OI), or open options contracts that have not yet expired, is still significant at a strike price of $70,000 and $841 million. The $80,000 and $90,000 strike prices have seen a decline in OI. Still, $968 million is available at the $100,000 strike price, according to Deribit.

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Total Crypto Market Cap Drops to $2.21 Trillion Ahead of Major Ethereum Options Expiry

Apart from the Bitcoin options available today, there are around 119,000 Ethereum options with a put/call ratio of 0.68 and a notional value of $282 million that are coming up for expiration. Approximately $1.3 billion is now involved in the expiry event. Early this week, cryptocurrency derivatives provider Greeks Live gave a market update in which it predicted a shakeout in the industry.

Quarterly delivery is over, major maturity IVs (implied volatility) are at lower levels and there is still a lot of downward pressure this week, historically October is generally a better month and now is a good opportunity to buy.

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The total capitalization of cryptocurrency markets fell to $2.21 trillion, the lowest level since mid-September, as they saw another 2% daily decrease. Furthermore, since the start of this month, markets have dropped $200 billion, debunking the rumors that Uptober will surpass Slumptember.

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