According to Deribit, 40945 contracts 4.91B USD in notional value expired this Friday.
BTC PRICE is reacting to OPTIONS EXPIRY .
The MAX PAIN POINT (the price in which most options expire worthless) was said to be at 114K. Although not decisive, the market have the "habit" to approach it in a almost unorganic fashion.
Options expired today but the settlement is yet to come.
$BTC being outperformed by $ETH in the this week (short term) could be attributed to the downward pressure of the open interest, rather positions being rolled or unwinded.
Option trading in crypto typically have a short time horizon, as most option traders deal with 30d or shorter. Their activity have a pattern-like fingerprint in price action, sometimes subtle or too overt.
