Deribit Data: BTC and ETH Options with Nearly $5 Billion in Notional Value Expire in Half an Hour
According to news on August 8th, the market is facing the expiration of nearly $5 billion in BTC and ETH options today (4:00 PM Beijing Time).
According to the latest Deribit data, as of 4:00 PM, the total open interest in Bitcoin (BTC) options reached 34,977 contracts. The total open interest in Ethereum options was 223,592 contracts.
Among them, the open interest in Bitcoin call options was 14,237 contracts, while the open interest in put options was 20,740 contracts, resulting in a put/call ratio of 1.46. The corresponding notional value of the contracts is nearly $4.087 billion. The current maximum pain price for BTC is $116,000.
Ethereum call options have an open interest of 104,508 contracts, while put options have an open interest of 119,084 contracts, resulting in a Put/Call Ratio of 1.14, corresponding to a notional value of $876 million. The current maximum pain price for ETH is $3,675.
In summary, judging by the Put/Call Ratio in the options market, market participants currently have a generally bearish short-term outlook for both BTC and ETH options.
As options delivery dates approach, market participants (especially those who need to adjust their positions to avoid adverse outcomes) may increase trading activity.
This will also exacerbate the volatility risk of "Vega" or "Gamma," leading to greater than usual price fluctuations in the underlying asset. Market participants should pay attention to risk management and develop a well-established hedging strategy!
