$600 Million BTC Options Are Expiring Aug 20
On Friday, August 20, the $600 million Bitcoin options are expiring.
Over the past week, Bitcoin has been unable to overcome the $48,000 resistance. But the support at $44,000 has proven to be quite resilient.
The current call-to-put ratio is 1.43 and favours neutral bullish call options. Accordingly, 7,838 Bitcoin calls versus 5,465 Bitcoin put.
Some Bitcoin options have a few hours left until their expiration date. Excluding the 3,700 ultra-bullish call options above $50,000, the adjusted open interest for bulls neutral is $190 million. Expiration of options below $48,000 brings that figure down to $138 million.
If the bears can achieve a market advantage of $46,000, then only $67 million options will be traded on Friday.
And in the worst-case scenario for bulls, Bitcoin would trade below $44,000. Thus, 83% of the options will become useless, and only options worth $24 million will remain on the market.
But for bears, it would just be the ideal option to set the price of Bitcoin below $45,000. By keeping the price of Bitcoin at this level, the bears will be able to balance interest between calls and protective puts, 73% of which were placed below $44,000.
However, an options expiration price above $46,000 would cement the bulls and give a $105 million advantage.