Bitcoin (BTC) investors are preparing for the record-breaking $16.5 billion monthly options expiry on March 28. However, the actual market impact is expected to be more limited, as BTC's drop below $90,000 caught investors off guard and invalidated many bullish positions.
This shift gives Bitcoin bears a crucial opportunity to escape a potential $3 billion loss, a factor that could significantly influence market dynamics in the coming weeks.
Bitcoin options open interest for March 28, USD. Source: Laevitas.ch
Currently, the total open interest for call (buy) options stands at $10.5 billion, while put (sell) options lag at $6 billion. However, $7.6 billion of these calls are set at $92,000 or higher, meaning Bitcoin would need a 6.4% gain from its current price to make them viable by the March 28 expiry. As a result, the advantage for bullish bets has significantly weakened.
Bitcoin bulls pray for a “decoupling” if QE restarts
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