Bitcoin Options Expiry: $5B at Risk, Bulls Face Maximum Pain

This Friday, a significant amount of Bitcoin (BTC) options contracts, valued at approximately $5 billion USD, are set to expire on the Deribit platform at 16:00 Beijing time. The maximum pain point for these expiring contracts is pegged at $98,000.

Data from Deribit reveals that out of the $5 billion notional value expiring, around $3.9 billion (78%) will expire out of the money (OTM), rendering these contracts worthless. Almost 100% of the call options are OTM, indicating a high concentration of bullish bets. The recent decline in Bitcoin's price has led to considerable unrealized losses for investors holding these options.