$1.7 Billion Bitcoin Options Expire on Friday, July 30
Due to the $1.7 billion Bitcoin options expiring and the exchange rate is over $40,000, bulls are in control of the market.
On July 30, 42,850 bitcoin options contracts worth $1.7 billion will expire. Therefore, the growth of the exchange rate over $40,000 strengthened the bulls’ advantage in the market.
In call-put ratios, most bets were placed at $45,000 and above, making them nearly worthless given their maturity dates.
The bears, on the other hand, were confident that the market was different and placed most of the puts at $39,000 or less. If the bears try to push the rate below that level on Friday, $105 million worth of options will be available.
Neutral bullish call options below $39,000 are available for $320 million.
If the bulls can keep the Bitcoin price above $40,000 on July 30, they will increase their lead by $140 million.
Bitcoin futures will also expire on July 30, but the long and short positions are the same again. The total expiring futures contracts are $650 million.