Impending Expiry of $15B in Bitcoin and Ethereum Options Sparks Market Interest

As we approach the end of the quarter, the crypto market braces for a significant event with $15 billion in Bitcoin and Ethereum options poised to expire this Friday, March 29th. Deribit, a premier options trading platform, is at the forefront, with plans to close out Bitcoin options contracts valued at $9.5 billion, alongside Ethereum options contracts amounting to $5.7 billion.

This quarter’s expiry of options for BTC and ETH is anticipated to inject a new wave of bullish momentum into the market, as highlighted by industry specialists. The designated time for these options to expire has been set at 08:00 UTC, marking a pivotal moment for traders and investors alike.

A Noteworthy Day for Crypto Options

The digital currency landscape has captivated the financial world throughout 2024, with Bitcoin reaching unprecedented heights. Following the green light for Spot ETFs earlier this year, Bitcoin’s value surged, hitting a record peak of $73,000. Ethereum, too, has been in the spotlight, potentially next in line for Spot ETF endorsement in the U.S., despite facing scrutiny from the SEC over its classification as a security.

These developments underscore the dominant positions of Bitcoin and Ethereum in the cryptocurrency realm. Today’s substantial options expiry adds another layer of intrigue, with Deribit leading the charge in the options market. Bitcoin’s share of the expiry stands at $9.5 billion, representing 62% of the total open interest, with Ethereum’s options contributing $5.7 billion to the mix.

In conversation with Coindesk, Deribit’s Chief Commercial Officer, Luuk Strijers, shed light on the significance of the expiring options. He pointed out the likelihood of many options concluding ‘in the money’, potentially ushering in an upward thrust in market dynamics.