Will Crypto Markets See New Highs As $3.7B Bitcoin Options Expires Today?

About 48,700 Bitcoin options contracts expire on Friday, November 8, with a theoretical value of about $3.7 billion.

Today’s options expiration is much higher than last week’s after a period of increased volume and volatility in the markets, which have been boosted by Donald Trump’s presidential victory in the United States and the premise of a clearer regulatory environment.

Expiration of Bitcoin Options

This week’s large batch of Bitcoin options contracts has a put/call ratio of 0.72, meaning there are more long (calls) than short (puts) expirations. Also, open interest (OI), or the value or number of open options contracts that have not yet expired, is higher at the $80 billion strike price with $1.7 billion in OI, according to Deribit .

Crypto derivatives provider Greeks Live commented that the options market is cooling quickly and despite strong gains in both Bitcoin and Ethereum and upbeat industry sentiment, “the options market is closing in on profit taking in a remarkable way to end the electoral game.

“BTC doomsday options have fallen below 50% and IVs (implied volatility) are down significantly across all major terms, with ETH benefiting from today’s big gains and pulling back less than BTC” .

Bitcoin OI by Expiry. Source: Deribit

In addition to the current Bitcoin options, there are around 294,000 Ethereum options contracts ready to expire with a put/call ratio of 0.65 and a theoretical value of $850 million. That brings the notional expiration value of Friday’s combined crypto options to about $4.5 billion.

Bitcoin Hits Another ATH, ETH Rising

The momentum in the crypto market has continued following Wednesday’s US election results. Total market capitalization currently stands at $2.67 trillion, a five-month high.

Bitcoin hit another new all-time high of $76,872 during late trading on November 7 as the Federal Reserve cut rates by another 0.25%, according to CoinGecko. This brings their total gains to almost 22% over the last 30 days.

Ethereum is also finally on the move, hitting an intraday high of $2,950 during early trading in Asia on Friday morning. The asset, which has recently been hit by FUD, has gained an impressive 15% over the past week.

Most altcoins are cooling off after recent rallies, but Solana (SOL) and Cardano (ADA) are leading them with daily gains of 5% and 14%, respectively.

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